There are many reasons you could have received a notice regarding your Form(s) 1099-B. 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 review and/or modify your entries for Form 1099-B Proceeds from Broker and Barter Exchange Transactions:
  1. From within your TaxAct return (Online or Desktop), click on the Federal tab. On smaller devices, click the menu icon in the upper left-hand corner, then select Federal
  2. Click Investment Income to expand the category and then click Gain or loss on sale of investments
  3. Click Capital gain or loss (Form 1099-B)
  4. Click Add to create a new copy of the form or click Review to review a form already created 
  5. The program will proceed with the interview questions for you to enter or review the appropriate information

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