Creating Form 1099-B
- Click on the Payer List button.
- Double click on the payer name.
- Highlight the recipient to add the form to.
- Click on the Add Form button.
- Choose 1099-B from the Form Type drop down menu.
- 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.
- Click Save.