When creating a spreadsheet to import information into your tax return, be sure to include a column for the following as they are REQUIRED to complete your Forms 1099-B:
- Date Acquired
- Date Sold
- Sales Proceeds
- Cost or other basis
The following fields may be required depending on the specific circumstances:
- Additional Description - You may have a column in your file reflecting information such as the quantity or stock name, and if populated this becomes a part of the description field.
- Transaction Type - Only used to prompt the taxpayer to review possible entries not wanted in the file. For example, if the text "Bought" is listed as the Transaction Type, then the program will prompt the taxpayer to review whether that transaction should be a part of the import as the import is only for sale transactions.
- Withholding - Only required if there is tax withholding for any of the transactions.
- Wash Sale - Only required if any of the transactions are wash sales as those need to be designated as such in the program. To indicate a wash sale, enter a "W" (without the quotes) in the Wash Sale column on that specific transaction row.
- Adjustment Code - If populated with a proper Form 8949 adjustment code, this column will be taken into account when populating the Adjustment Code for each applicable transaction.
- Adjustment Amount - Only required if you have wash sale transactions or any other adjustment code to take into consideration.
- Reporting Category* - Only required if this information is included in your CSV file. This will indicate which box to mark on Form 8949 when reporting the transactions.
- Long/Short - Only required if any transactions have a date acquired of "Various". This ensures the program properly reports the transaction as either a short-term or long-term transaction.
- Owner - If populated this will indicate the owner (Taxpayer, Spouse or Joint) of the transaction being imported.
*There are six reporting categories: SHORT-TERM (A) Received a Form 1099-B showing basis (box 3) was reported to the IRS (B) Received a Form 1099-B showing basis (box 3) was NOT reported to the IRS (C) Did not receive a Form 1099-B, and LONG-TERM (D) Received a Form 1099-B showing basis (box 3) was reported to the IRS (E) Received a Form 1099-B showing basis (box 3) was NOT reported to the IRS (F) Did not receive a Form 1099-B.
It is the responsibility of the taxpayer/preparer to make sure the columns in their .CSV file match the appropriate fields in the TaxACT program. If these do not accurately match, the program may not calculate the investment sales correctly.
TaxACT uses these headings in the .CSV import section. These headings could also be used when creating headings in a spreadsheet, and would ensure a smooth .CSV import. For an example, see the following sample .CSV:
Spreadsheet to .CSV Conversion:
To convert a Microsoft Excel 2003/2007 file to .CSV format:
- Go to File
- Click on Save As
- In the Save as type select CSV (comma delimited)
To convert an Open Office Spreadsheet file to .CSV format:
- Go to File
- Click on Save As
- In the Save as type select Text CSV (.CSV)
Please note, if you import more than one .CSV file or brokerage statement, the transactions will be added to the list of Form 1099-Bs previously created (up to 2,000 total).