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  1. Sprintax Returns
  2. Step 3 - Let's Talk Money
  3. 1099 Forms

How to enter your 1099-B information?

Use this article to complete the 1099-B page in Step 3 - Let's Talk Money when you sold stocks or other securities. The page asks for the information on your Form 1099-B, which your broker sends you.

Before you start

Check the following points before you enter any information:

  • Have Copy B of your Form 1099-B ready. Sprintax asks for the information on Copy B.

  • Enter the information from one form at a time. Do not combine information from different forms.

  • Complete every field marked with a red asterisk (*). The other fields are optional.

Optional: Upload a scan of your form

Instead of typing the information, you can upload a scan or photo of Copy B. The file must contain only one page. After the upload, review every field and correct any mistake.

The upload area and the instructions box on the 1099-B page.

Enter the payer's details

The payer is the broker or company that issued the form, such as Robinhood. Copy the payer's details from the payer fields on Copy B. The following images show the section and list each field.

The Payer's details section with name, address, city, state or country, ZIP code, and TIN fields.

Table with columns Field, Required, What to enter. Field: Payer's name | Required: Yes | What to enter: The name of the broker or company that issued the form.. Field: Payer's street address | Required: Yes | What to enter: The payer's street address, as printed on the form.. Field: Payer's city | Required: Yes | What to enter: The payer's city, as printed on the form.. Field: Payer's U.S. state or foreign province, country | Required: Yes | What to enter: The payer's state, province, or country, as printed on the form.. Field: Payer's U.S. ZIP code or foreign postal code | Required: Yes | What to enter: The payer's ZIP code or postal code, as printed on the form.. Field: Payer's TIN | Required: Yes | What to enter: The payer's taxpayer identification number (TIN). If your form does not show a TIN, enter 0..

Enter the transaction details

Each entry covers the transactions you made in one company. A transaction is one line on your form. If you made several transactions in the same company, combine them into one entry. The following images show the section and list each field.

The Transaction details section with fields for Box 1a, 1b, 1c, 1d, 1e, 1g, and Box 4.

Table with columns Field, Required, What to enter. Field: Box 1a - Description of property | Required: Yes | What to enter: The company name and the number of transactions in that company. Example: 10 Tesla.. Field: Box 1b - Date acquired | Required: No | What to enter: The date of the first purchase among the transactions you combine.. Field: Box 1c - Date sold or disposed | Required: Yes | What to enter: The date of the last sale among the transactions you combine.. Field: Box 1d - Proceeds | Required: Yes | What to enter: The total amount you received from all the combined transactions.. Field: Box 1e - Cost or other basis | Required: Yes | What to enter: The total amount you paid for all the combined transactions.. Field: Box 1g - Wash sale loss disallowed | Required: No | What to enter: If your form shows a wash sale loss, enter the total amount. A wash sale is a loss that the IRS disallows. It happens when you buy the same or a similar security within 30 days before or after the sale. If your form shows none, leave the field empty.. Field: Box 4 - Federal income tax withheld | Required: No | What to enter: The amount from your form. If no tax was withheld, leave the field empty or enter 0..

Enter each date in the mm/dd/yyyy format.

Example: Combine several transactions into one entry

In this example, you sold Tesla stock three times in the same year. The amounts are in U.S. dollars, and all values are fictional. The following image lists the three transactions from your form.

Table with columns Transaction, Date acquired, Date sold, Proceeds, Cost. Transaction: 1 | Date acquired: 2 January | Date sold: 5 March | Proceeds: $1,200 | Cost: $1,000. Transaction: 2 | Date acquired: 15 February | Date sold: 20 July | Proceeds: $850 | Cost: $900. Transaction: 3 | Date acquired: 30 March | Date sold: 11 November | Proceeds: $2,000 | Cost: $1,500.

You enter the three transactions as one entry. The following image shows the values to enter.

Table with columns Field, Value, How you get the value. Field: Box 1a - Description of property | Value: 3 Tesla | How you get the value: The company name and the number of transactions.. Field: Box 1b - Date acquired | Value: 2 January | How you get the value: The earliest date acquired.. Field: Box 1c - Date sold or disposed | Value: 11 November | How you get the value: The last date sold.. Field: Box 1d - Proceeds | Value: $4,050 | How you get the value: $1,200 + $850 + $2,000. Field: Box 1e - Cost or other basis | Value: $3,400 | How you get the value: $1,000 + $900 + $1,500. Field: Box 2 | Value: Short-term gain or loss | How you get the value: You held each transaction for one year or less..

Select the holding period and the proceeds type

In the Additional transaction details section, select the options that match your form.

The Additional transaction details section with options for Box 2 and Box 6.

Table with columns Field, Required, What to select. Field: Box 2 | Required: Yes | What to select: Select Short-term gain or loss if you held the stock for one year or less. Select Long-term gain or loss if you held it for more than one year. Box 2 accepts only one answer, so enter short-term and long-term transactions as separate entries.. Field: Box 6 | Required: No | What to select: Select Gross proceeds or Net proceeds, whichever your form marks in Box 6..

Enter the state information

The following images show the State information section and list its fields.

The State information section with fields for Box 14, Box 15, and Box 16.

Table with columns Field, Required, What to enter. Field: Box 14 - State name | Required: Yes | What to enter: Select the state you lived in while you bought and sold the stocks.. Field: Box 15 - State identification no. | Required: No | What to enter: The number from your form. If you do not have a state identification number, enter 0.. Field: Box 16 - State tax withheld | Required: No | What to enter: The amount from your form. If no state tax was withheld, leave the field empty or enter 0..

Answer the effectively connected question

Sprintax asks whether the gain or loss on this form is effectively connected with a U.S. trade or business, or results from the sale or exchange of U.S. real property.

The question about gain or loss effectively connected with a U.S. trade or business, with Yes and No options.

  • Select No if your only U.S. business activity is trading stocks, securities, or commodities, including hedging transactions, through a U.S. resident broker or other agent. This trading is not a trade or business in the United States.

  • Select Yes if the gain or loss results from the sale or exchange of U.S. real property.

Check your entry

Before you continue, confirm each of the following points:

  • The payer's details match Copy B of your form.

  • Every field marked with a red asterisk (*) has a value.

  • Box 1b shows the earliest purchase date, and Box 1c shows the last sale date.

  • Box 1d and Box 1e show the totals for all transactions in the entry.

  • The entry contains transactions from one form only.

  • You selected a Box 2 option and answered the effectively connected question.

     

This article provides general information and is not tax advice.

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