How do I create Form 1099-B?

Creating Form 1099-B

  1. Click on the Payer List button.
  2. Double click on the payer name.
  3. Highlight the recipient to add the form to.
  4. Click on the Add Form button.
  5. Choose 1099-B from the Form Type drop down menu.
  6. Fill in the necessary fields on the form:
    • Corrected:  Check this box if it applies.
    • CUSIP Number:  For transactional reporting by brokers, enter the CUSIP (Committee on Uniform Security Identification Procedures) number of the obligation. 
    • Applicable check box on Form 8949:  
      • Code A.  This code indicates a short-term transaction for which the cost or other basis is being reported to the IRS. Use this code to report a transaction that the recipient will report on Schedule D, line 1a or on Form 8949 with Box A checked with totals being carried to Schedule D, line 1b.
      • Code B.  This code indicates a short-term transaction for which the cost or other basis is not being reported to the IRS. Use this code to report a transaction that the recipient will report on Form 8949 with Box B checked with totals being carried to Schedule D, line 2.
      • Code D.  This code indicates a long-term transaction for which the cost or other basis is being reported to the IRS. Use this code to report a transaction that the recipient will report on Schedule D, line 8a or on Form 8949 with Box D checked with totals being carried to Schedule D, line 8b.
      • Code E.  This code indicates a long-term transaction for which the cost or other basis is not being reported to the IRS. Use this code to report a transaction that the recipient will report on Form 8949 with Box E checked with totals being carried to Schedule D, line 9.
      • Code X.  Use this code to report a transaction if you cannot determine whether the recipient should check Box B or Box E on Form 8949 because the holding period is unknown.
    • Description of property:    Description of property (Note:  add “of property” to field name.  Enter a brief description of the property, including the corporation's name and the number of shares that were exchanged (for example, 100 shares XYZ Company).
      • For bartering transactions, describe services or property provided.  
      • For regulated futures contracts and forward contracts, enter “RFC” or other appropriate description.
      • For Section 1256 option contracts, enter "Section 1256 option" or other appropriate description.
      • For a corporation that had a reportable change in control or capital structure, include the class of stock as C (common), P (preferred), or O (other).
    • Date acquired:  Enter acquisition date of any securities sold.
    • Date sold or disposed:  For broker transactions, enter the trade date of sale or transaction. For barter exchanges, enter the date that cash, property, a credit, or scrip is actually or constructively received.
    • Proceeds: Enter the gross proceeds from any disposition of securities, commodities, or forward contracts.
    • Cost or other basis:   Enter the adjusted basis of any securities sold unless the security is not a covered security and you check box 5.
    • Accrued market discount:   Enter the amount of accrued market discount.
    • Wash sale loss disallowed: Enter the amount of a wash sale loss disallowed under section 1091.
    • Type of gain or loss:  Check if gain or loss was: 
      • Short-term gain or loss, or 
      • Long-term gain or loss, or
      • Ordinary: The Ordinary checkbox is independent of the mutually-exclusive Short-term and Long-term checkboxes. Up to two boxes may be checked: Short-Term and Ordinary or Long-Term and Ordinary.  Check Ordinary if some of a taxpayer’s gain or loss may be ordinary rather than capital.    
    • Check if proceeds from: 
      • Collectibles: Check if proceeds are from a transaction involving collectibles.
      • QOF: Check if reporting a disposition of a Qualified Opportunity Fund investment. 
    • Federal income tax withheld:  Enter amount of tax withheld.
    • Check if noncovered security:  Check if reporting the sale of a noncovered security.
    • Reported to IRS:  Check if amount reported was:
      • Gross Proceeds or
      • Net Proceeds.
    • Check if loss not allowed based on amount in box 1d:  Check this box if recipient cannot take a loss on their tax return based on the amount in box 1d.
    • Profit or (loss) realized this year on closed contracts:  Enter the profit or (loss) realized in current tax year.
    • Unrealized profit or (loss) on open contracts last year:  Enter the unrealized profit or (loss) at the end of last tax year due to open contracts.
    • Unrealized profit or (loss) on open contracts this year:  Enter the unrealized profit or (loss) at the end current tax year due to open contracts.
    • Aggregate profit or (loss) on contracts:  Enter the aggregate profit or (loss) for current tax year.
    • Check if basis reported to IRS:  Check if you are reporting basis to the IRS.
    • Bartering:  Enter gross amounts received by a member or client of a barter exchange.
    • State:  Enter the two-letter state abbreviation.
    • State identification no.:  Enter the state identification number.
    • State tax withheld:  Enter the amount of state income tax withheld.
    • 2nd TIN Notice:  Check this box if notified by the IRS twice within 3 calendar years that the recipient provided an incorrect TIN.
    • Corporation's name:  Enter Corporation name.
    • Account Number:  A number assigned to recipient by the payer.  This field is optional except for the following cases:
      • The recipient has multiple returns for the same return type.
      • The returns are filed using the E-file Center.
      • The “FATCA filing requirement” box is checked. 
    • FATCA filing requirement:  Check this box if the payer is filing Form 1099-B to satisfy a chapter 4 account reporting requirement.
  7. Click Save. 
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