Capital gains and losses are entered on Form 1099-B Proceeds From Broker and Barter Exchange Transactions in TaxAct. They automatically flow to Schedule D (Form 1040) Capital Gains and Losses and/or Form 8949 Sales and Other Dispositions of Capital Assets.

The 1099-B form you received may or may not report the date acquired or the cost basis. You are responsible for this information, which is needed to complete the proper reporting of the transactions on Schedule D.

To enter Form 1099-B into the TaxAct program:

1. From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click in the upper left-hand corner, then click Federal.
2. 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).
3. Click + Form 1099-B (Desktop users click Add) to create a new copy of the form or click Edit to review a form already created.
4. Enter or review the appropriate information, such as property description, date acquired, cost or other basis, date sold, sales proceeds, and any federal income tax withheld.

Entering sale dates for multiple stocks or funds

If you sold stocks, funds, or similar property acquired through several different purchases, report the sale on one form and enter "various" as the date acquired on Schedule D. You must indicate if the sale was a short-term or long-term gain or loss. If the sale included both short-term and long-term gains or losses, enter the sale on two separate Forms 1099-B. (In these instances, you can’t enter "various" as the date sold.)

Multiple transactions and CSV files

You can import this information into TaxAct. See How to Import Stock Information Using a CSV File from Your Broker for more information.

Related Links

• IRS Publication 550 Investment and Income Expenses
• Capital Gains Tax
• Cost Basis
• Creating Your Own Spreadsheet (to Import 1099-B Information) and Convert to a CSV File
• Form 1099-B - Summary Totals

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.