Form 1099-B is used to report proceeds from the sale or exchange of stocks, bonds, and other securities. If you’ve received a 1099-B, you’ll need to enter the information on your tax return to report your capital gains or losses. H&R Block makes it easy to enter Form 1099-B information into your tax return. Here’s a step-by-step guide:
Step 1: Gather Your 1099-B Information
Before you begin, gather all your 1099-B forms. You’ll need the following information from each form:
- Box 1: Proceeds from sale or exchange
- Box 2: Cost or other basis
- Box 3: Gain or loss
Step 2: Open Your H&R Block Tax Return
Open your H&R Block tax return or start a new one if you haven’t already.
Step 3: Navigate to the Income Section
In the H&R Block tax software, navigate to the “Income” section.
Step 4: Click on “Sale of Stocks, Bonds, Mutual Funds, and Other Securities (1099-B)”
Under the “Income” section, click on the “Go To” button next to “Sale of Stocks, Bonds, Mutual Funds, and Other Securities (1099-B).”
Step 5: Click on the “Add 1099-B” Button
On the next screen, click on the “Add 1099-B” button.
Step 6: Enter Your 1099-B Information
Enter the following information from your 1099-B form:
- Box 1: Proceeds from sale or exchange
- Box 2: Cost or other basis
- Box 3: Gain or loss
Step 7: Enter the Description of the Sale
In the “Description” field, enter a brief description of the sale or exchange. For example, you could enter the name of the security that you sold.
Step 8: Click on the “Next” Button
Once you’ve entered all the required information, click on the “Next” button.
Step 9: Review and Submit Your Return
H&R Block will calculate your capital gains or losses based on the information you entered. Review your return carefully before submitting it to the IRS.
Additional Information
- If you have multiple 1099-B forms, you can enter them one at a time by following the steps above.
- H&R Block offers a variety of resources to help you with your taxes, including articles, videos, and support from tax experts.
Entering Form 1099-B information on H&R Block is a simple and straightforward process. By following these steps, you can ensure that you’re reporting your capital gains or losses accurately and avoiding any potential tax penalties.
2024 H&R Block Tutorial for Beginners | Complete Walk-Through | How To File Your Own Taxes
FAQ
How do I enter 1099-B on my taxes?
How do I record 1099-B on my taxes?
Does 1099-B need to be reported?
How do I find 8949 on a 1099-B form?
This shows a summary of the 1099-B form. Click on the “ Forms ” button in the toolbar. Find Form 8949 and double-click on it. Find your sale in either Part I or Part II depending on whether it was short-term or long-term on your 1099-B form. You see the negative adjustment in column (g).
How do I fill out a 1099b form online?
To ease statement furnishing requirements, Copies B, C, 1, and 2 are fillable online in a PDF format available at IRS.gov/Form1099B. You can complete these copies online for furnishing statements to recipients and for retaining in your own files. A broker or barter exchange must file Form 1099-B for each person:
Where can I find information about Form 1099-B?
For the latest information about developments related to Form 1099-B and its instructions, such as legislation enacted after they were published, go to IRS.gov/Form1099B. In addition to these specific instructions, you should also use the 2023 General Instructions for Certain Information Returns.
When do I need a 1099-B?
By law, your broker or mutual fund company must send you a 1099-B by Feb. 15, 2024. The amount shown on the 1099-B is the total amount you enter on your return for that particular sale. The IRS checks to see if the amount you reported is the same as what your broker or mutual fund company reported. Most 1099-Bs report the net sales price.