There are many reasons you could have received a notice regarding your Forms 1099-B Proceeds From Broker and Barter Exchange Transactions. The most common reasons are listed below:
- The form was never entered into the TaxAct® program and the income was not reported elsewhere on the return.
- Entry error:
- Example of a transposed number: The number that should have been entered was $21,123; instead the user entered $12,123. This would have caused a difference of $9,000 in underreported taxable income.
- Example of an omitted number: The number that should have been entered was $21,123; instead the user entered $2,123. This would have caused a difference of $19,000 in underreported taxable income.
- You may have imported your stock transaction information from an outside company such as GainsKeeper or imported a CSV file, but never reviewed the transactions to ensure each was reported properly.
To review and/or modify your entries for Form 1099-B:
- From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click in the upper left-hand corner, then click Federal.
- Click Investment Income in the Federal Quick Q&A Topics menu to expand, click Gain or loss on the sale of investments to expand, then click Capital gain or loss (Form 1099-B).
- Click + Add Form 1099-B to create a new copy of the form or click Edit to review a form already created.
- Click Quick Entry to scroll down to answer all applicable questions or click Step-by-Step Guidance to proceed with the program interview questions.
Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed.