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DanCarney
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Registered: Apr 2004
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1099-B question post #1  quote:



I'm using Tax Cut Deluxe for my taxes. I received a 1099-B Proceeds From Broker & Barter Exchange Transactions.

There are 7 lines of information on this form:
1a Date of sale or exchange
1b Cusip number
2 Stocks, bonds,etc. reported to IRS
3 Bartering
4 Federal Income tax withheld
5 Number of shares exchanged
6 Classes of stock exchanged
7 Description

The important lines are 2 & 4.

My question is where do I enter this information at in my program? I've entered all my stock transactions with no problem under the 1099 worksheet but I don't see any type of form in this program that corresponds to these 7 lines of information. If anyone out there is familiar with this I would appreciate your help.

Thanks in advance.


Old Post 02-19-2005 12:53 AM
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Ken NJ
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Registered: Dec 2003
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Posts: 4930

1099-B question Should Be No-Sweat post #2  quote:

Not a difficult problem to overcome... just need to read instructions, follow the money and make sure you get correct amounts reported on your calculations.
quote:
DanCarney said this in post

I'm using Tax Cut Deluxe for my taxes. I received a 1099-B Proceeds From Broker & Barter Exchange Transactions.

xxxx...
2 Stocks, bonds,etc. reported to IRS
xxxx....
4 Federal Income tax withheld

The important lines are 2 & 4.

My question is where do I enter this information at in my program? I've entered all my stock transactions with no problem under the 1099 worksheet but I don't see any type of form in this program that corresponds to these 7 lines of information . If anyone out there is familiar with this I would appreciate your help. Thanks in advance.

You have two issues from what I discern here. One is your software, how it works and links the tax forms and calculations. The other is understanding and interpreting what and how much to report to be properly your reported income. If you go to the specific instructions for Form 1099 - B for 2005, you'll see several paragrahs that interpret how and where to report your different classes of stock, bonds etc... to Box 2 (on page B-3). Kinda self-explanatory, but some might require more technical skills and expertise. (Just Click Below)

http://www.irs.gov/pub/irs-pdf/i1099b.pdf#search='form%201099%20B' (Scroll Down To Page 3)

For Box 4, that refers to backup withholding income taxes withheld from your stocks and bond at the 28% rate. Normally if you are trading in the normal mode and provided necessary W-9 information, the amount taken from your sales proceeds would be zero.

Depending on your software and your inputs to the worksheet, that amount (if any) will automatically be transferred to the Payment section on your Form 1040, page 2 - line #63. This will then give you credit for having submitted payments previously by your securities broker. (Click Above)

As a suggestion, go manually calculate if what you see in box 4 along with your other withholding taxes roughly totals correctly and compare that to your software calculations. If Taxcut is wrong, you can generally type in correct amount and click "override" button. I'm assuming the software has that option button for you to correct errors.


Old Post 02-20-2005 08:21 PM
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