Form 1099-B - Entering into TaxAct

A broker or barter exchange must file Form 1099-B, Proceeds From Broker and Barter Exchange Transactions, for each person:

  • For whom the broker has sold (including short sales) stocks, bonds, commodities, regulated futures contracts, foreign currency contracts (pursuant to a forward contract or regulated futures contract), forward contracts, debt instruments, options, securities futures contracts, etc., for cash,
  • Who received cash, stock, or other property from a corporation that the broker knows or has reason to know has had its stock acquired in an acquisition of control or had a substantial change in capital structure reportable on Form 8806, or
  • Who exchanged property or services through a barter exchange.
Capital gains and losses are entered on Form 1099-B in the TaxAct® program and then reported on Form 8949 and Schedule D
  1. From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click the menu icon in the upper left-hand corner, then select Federal
  2. Click Investment Income to expand the category and then click Gain or loss on the sale of investments
  3. Click Capital gain or loss (Form 1099-B)
  4. Click +Add Form 1099-B to create a new copy of the form or click Review to review a form already created 
  5. The program will proceed with the interview questions for you to enter or review the appropriate information

You will need to enter the Property Description, Date Acquired, Purchase Price (or Basis), Date Sold, Sales Proceeds, etc. Note: The Form 1099-B that you received may or may not report the Date Acquired or the Cost Basis. This information is generally maintained by you and is needed to complete the proper reporting of the transactions.

If you sold stocks, funds, or similar property that was acquired through several different purchases, you may report the sale on one line and enter "VARIOUS" as the date acquired. If the sale included both short-term and long-term gains or losses, you would need to enter the sale on separate Forms 1099-B.

Also, be sure to make the appropriate selection on the screen titled Investment Sales - Category.

You may wish to refer to IRS Publication 550 Investment Income and Expenses for additional information.