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Stock Assistant is a valuable tool to provide a quick entry (spreadsheet style) mechanism for capital gain transactions reported on Form 1099-B.

You may quickly add new stock transactions by selecting the bottom table row. A new entry will be automatically created and you may enter all the necessary details.

Listed below is a description of each field:

Description: A description of the stock transaction.

Owner: The taxpayer that owns the transaction.

Reporting Category: Indicates how the transaction was reported to the taxpayer. The reporting category selection will also determine the holding period for each transaction. Short-term transactions will be indicated with reporting categories A, B and C, while long-term transactions will be indicated with reporting categories D, E and F.

Date Sold: The date that the stock was sold.

Sales Proceeds: The amount of money received when the stock was sold. This amount should be the total amount, not an amount per share.

Date Acquired: The date that the stock was purchased.

Cost or Basis: The amount of money paid for the stock. This amount should be the total cost, not a price per share.

Code: IRS approved code for any applicable adjustment to the transaction. For more information about the adjustment codes and amounts, see Capital Gain/Loss Transaction Adjustments.

Adjustment Amount: The adjustment amount that applies to the code selected. For more information about the adjustment codes and amounts, see Capital Gain/Loss Transaction Adjustments.

Gain/Loss: The total amount of gain/loss after any applicable adjustments have been taken into account.

Review: This link will take you to the TaxAct Q&A for the current selection.

If you need to delete a transaction or modify multiple transactions, check the box(es) for the transaction(s) under Select All/Clear All and click the appropriate link below:

Delete: This link will delete all data and forms for any transactions checked.

Change Owner: This link will change the owner for the transactions checked.

Change Reporting Category: This link will change the reporting category for the transactions checked.

 


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