When creating a spreadsheet to import information into your tax return, the following columns are required to report Form 1099-B:
- Date Acquired
- Date Sold
- Sales Proceeds
- Cost or Other Basis
Some additional fields may also be required:
- Additional Description: You may have a column in your file reflecting information such as the quantity or stock name. If populated, this becomes a part of the description field.
- Transaction Type: Used only to prompt the taxpayer to review possible entries not wanted in the file. For example, if the word "bought" is listed as the transaction type, the program will prompt the taxpayer to review whether that transaction should be a part of the import, since the import is only for sale transactions.
- Withholding: Required only if there is tax withholding for any of the transactions.
- Wash Sale: Required if any of the transactions are wash sales. To indicate a wash sale, enter "W" in the Wash Sale column on that specific transaction row.
- Adjustment Code: If populated with a proper Form 8949 Sales and Other Dispositions of Capital Assets adjustment code, this column will be taken into account when populating the adjustment code for each applicable transaction.
- Adjustment Amount: Required only if you have wash sale transactions or any other adjustment code to take into consideration.
- Reporting Category: Required only if this information is included in your CSV file. This will indicate which box to mark on Form 8949 when reporting the transactions. The six reporting categories are:
- (A) Received a Form 1099-B showing basis (Box 3) was reported to the IRS
- (B) Received a Form 1099-B showing basis was not reported to the IRS
- (C) Did not receive a Form 1099-B
- (D) Received a Form 1099-B showing basis was reported to the IRS
- (E) Received a Form 1099-B showing basis was not reported to the IRS
- (F) Did not receive a Form 1099-B
- Long/Short: Required only 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.
- It’s the responsibility of the taxpayer or preparer to make sure the columns in the CSV file match the appropriate fields in the TaxAct program. If they don’t, the program may not calculate the investment sales correctly.
- TaxAct uses the headings above in the CSV import section. These headings could also be used when creating headings in a spreadsheet and would ensure a smooth CSV import.
- If you import more than one CSV file or brokerage statement, the transactions will be added to the list of Forms 1099-B previously created (up to 2,000 total).
To convert a spreadsheet to a CSV file - using Excel or OpenOffice:
- Click File.
- Click Save As.
- Select "Text CSV (.CSV)" from the Save As or Save as type drop-down.
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.