multiple 1099-b
Answers
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Hello robm,
No, you shouldn't total all the proceeds and cost basis from multiple 1099-B forms and enter them as one sum. Instead, you'll need to enter each 1099-B separately in the software.
Here's how it generally works:
Navigate to the Income section and select the Investment Income screen. After entering the first 1099-B, you'll see an option to indicate that you have additional 1099-B forms to enter. Simply repeat this process for each 1099-B you received.
Entering them separately ensures that all the specific details from each form—such as the type of transaction, holding period, and any adjustments—are properly reported on your return. This is important because different transactions may have different tax treatments.
If you have a consolidated 1099 from a brokerage that includes multiple transactions, you can enter those individual transactions as they appear on the form.0 -
Yes these will be from a transaction summary page, box A and box D. This year I will have 6 different 1099-b's as my bank changed brokers from Wells Fargo to LPL. Only three next year.
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Thank you for this update. So, yes, you will want to pay attention and click a tile labeled Summary when you enter the 1099-Bs on the FreeTaxUSA menu path Income > Investments and Savings (1099-INT/DIV/B/DA) > + Add Investment, as this will allow you to take advantage of the least amount of entries since you will have the summary pages for your accounts. You will just need to add an investment to enter the different accounts. You are able to send messages to our Customer Support team, or you can consider upgrading to our Deluxe or Pro Support for live chat capabilities.0
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I plan on doing the upgrade when the time comes. Thanks
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