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Entering a Form 1099-B in ProConnect

by Intuit•10• Updated 2 years ago

This article will help you determine where to enter amounts and information from Form 1099-B, Proceeds From Broker and Barter Exchange Transactions, in Intuit ProConnect. Generally, these transactions are entered on the Dispositions or Schedule D/4797/etc. screen, depending on your return type.

Navigation in this article is written out for individual returns, but similar steps apply for business returns. Select the applicable Form 1099-B box below to view where to enter that information into the tax return.

Box 1a, box 1b, box 1c, box 1d, and box 1e

Go to the Input Return tab.
From the left of the screen, select Income and choose Dispositions (Sch D, etc).
Select Schedule D/4797/etc.
In the Quick Entry grid, enter the Description of property from box 1a.
Enter the Date acquired from box 1b.
Enter the Date sold from box 1c.
Enter the Sales price from box 1d (proceeds).
Enter the Cost or basis from box 1e.

Box 1f - Accrued market discount and box 1g, wash sale loss disallowed

Input for these items will be in the same Schedule D/4797/etc. screen.

Box 2 - Short- or long-term gain or loss

ProConnect will automatically determine whether the transaction is short-term or long-term based on the date acquired and date sold.

Box 3 - If checked, proceeds from collectibles or QOF

Go to the Schedule D/4797/etc screen where you entered the box 1 amounts for this transaction.
Click the Details button.
From the top of the screen, select the Schedule D section.
Check the box labeled Collectible (art, stamps, coins, precious metals, etc.)(28% rate).

Box 4 - Federal income tax withheld

Go to the Schedule D/4797/etc screen where you entered the box 1 amounts for this transaction.
Click the Details button.
From the top of the screen, select the Schedule D section.
Enter the box 4 amount in Federal income tax withheld.

Box 5 - If checked, noncovered security

There isn't an entry for box 5 in the program.

Box 6 - Reported or IRS: Gross proceeds or Net proceeds

There isn't an entry for box 6 in the program.

Box 7 - If checked, loss is not allowed based on amount in 1d

If checked, the client can't take a loss on their tax return based on gross proceeds from a reportable change in control or capital structure reported in box 1d. The broker should advise you of any losses on a separate statement.

Refer to the IRS instructions for Form 8949 and Schedule D for more information.

Box 8, box 9, box 10, box 11 - Contracts

Refer to this IRS Instructions for Form 1099-B for reporting and additional information. Also see:

Box 12, if checked, basis reported to the IRS

If box 12, basis reported to IRS, is checked, no entry is needed in ProConnect. If you receive a Form 1099-B where Box 3 isn't checked, enter a 1 in Basis rptd: Blank=To IRS, 1=Not to IRS, 2=Not on 1099-B.

Box 13 - Bartering

This box shows the cash you received, the fair market value of any property or services you received, and the fair market value of any trade credits or scrip credited to your account by a barter exchange. See IRS Pub 525 for more information.

There isn't an entry for box 13 in the program.

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