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 access Form 1099-B, go to our Form 1099-B - Entering Capital Gains and Losses in Program FAQ.
Note that any link in the information above is updated each year automatically and will take you to the most recent version of the webpage or document at the time it is accessed.