Form 1099-B is included in TurboTax Premier, TurboTax Live Premier, TurboTax Self-Employed, and TurboTax Live Self-Employed (online), and in all personal CD/Download versions of TurboTax.
If you file Form 1099-B you will need to use TurboTax Premier or TurboTax Self-Employed.
@hir0miya You can enter your 1099-B in TurboTax Deluxe. You should report it as the IRS has a copy. Click this link for info on How to Enter 1099-B.
The TurboTax Free Edition, is for simple return and doesn't include form 1099-B. If you have stock trades that are reported on form 1099-B and you're using TurboTax Online, you'll need to use the Premier or higher version unless you qualify to use the IRS Free File program.
A Form 1099-MISC can only be created using the TurboTax Self-Employed online editions or the TurboTax desktop Home & Business edition for Windows or the Business Edition.
You'll enter this under the Federal Taxes tab (or Personal, if working in TurboTax Self-Employed/Home & Business), then select Wages & Income, then Investment Income, then Stocks, Mutual Funds, Bonds, Other. Follow the prompts to enter the 1099-B information.
If you have rental property and/or deductions related to stocks and investments, you should use either TurboTax Premier or Home & Business. If you are self-employed, are a contractor, or have a home business, you should not use anything less than TurboTax Home & Business. It maximizes your home deductions.
Form 8949 is supported in all CD/Download software versions of TurboTax and in the online and mobile app versions of TurboTax Premier, TurboTax Live Premier, TurboTax Self-Employed, and TurboTax Live Self-Employed.
To report a 1099-B (you will enter the information as reported) My Account>>Federal Section>>Income (select my forms)>>Capital Gains and Losses. The information on your 1099-B is generally reported on a Form 8949 and/or a Schedule D as a capital gain or loss.
If you receive a Form 1099-B and do not report the transaction on your tax return, the IRS will likely send you a CP2000, Underreported Income notice. This IRS notice will propose additional tax, penalties and interest on this transaction and any other unreported income.
Written by a TurboTax Expert • Reviewed by a TurboTax CPA. If you sell stocks, bonds, derivatives or other securities through a broker, you can expect to receive one or more copies of Form 1099-B in January. This form is used to report gains or losses from such transactions in the preceding year.
There is no place to enter the 1095-B in TurboTax. Just file it and forget it.
Effects on Taxation
Any short-term gains from your 1099-B information will be included in your regular income on your tax return. Ultimately, you'll pay tax on it as if it were wages or other ordinary income.
Have you received Form 1099-B from your brokerage regarding the sale of your stocks and other investments? Brokerages and other financial institutions are required to send you Form 1099-B if you sold stocks or other investments in your account. They also must send copies of the forms to the IRS.
As you can see, unlike the 1099-K form, the 1099-B form is much better for reporting capital asset transactions as it includes sections to report your proceeds, cost basis, realized gain or loss and even whether that was a short or long-term capital gain or loss.
Normally income you received totaling over $600 for non-employee compensation (and/or at least $10 in royalties or broker payments) is reported on Form 1099-MISC. If you are self-employed, you are required to report your self-employment income if the amount you receive from all sources equals $400 or more.
The 1099-B should list the basis. Cost or adjusted Basis means what your beginning value was. If you inherited it, it would be the value of the stock on the day you inherited it. There are times when the broker doesn't have records of that, in which case you would need to provide that information.
Purpose of Form. Use Form 8949 to report sales and exchanges of capital assets. Form 8949 allows you and the IRS to reconcile amounts that were reported to you and the IRS on Forms 1099-B or 1099-S (or substitute statements) with the amounts you report on your return.
The deluxe version is only about support. Their free version includes much of what is included in TurboTax Premier (investments, rental income) and Home & Business (1099 income and expenses). You can see our full review of FreeTaxUSA for more.
The features are very similar to what you'll find with the online software, but there is no free option and the pricing is slightly higher, as follows: Basic: $19.99, includes 4 returns; Standard: $34.99, includes 8 returns; Premier, $74.99, includes 12 returns; and Home & Business, $119.99, includes 12 returns.
Plus provides the convenience of having your previous year's information automatically transferred to the new year's forms. It also lets you access your prior year's tax returns at a later date. If these capabilities are important to you, then the extra cost may be worth it.