Capital gains and losses are entered on Form 1099-B in TaxAct®, then automatically flow to Schedule D Capital Gains and Losses and/or Form 8949 Sales and Other Dispositions of Capital Assets.

To enter Form 1099-B into the TaxAct program:

1. From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click the icon in the upper left-hand corner, then choose Federal.
2. Click Investment Income in the Federal Quick Q&A Topics menu to expand the category and then click Gain or loss on sale of investments
3. Click Capital gain or loss (Form 1099-B)
4. Click New Copy of Form 1099-B (Desktop users click Add) to create a new copy of the form or click Review to review a form already created
5. The program will proceed with the interview questions for you to enter or review the appropriate information.

You will need to enter the property description, date acquired, cost or other basis, date sold, sales proceeds, and any federal income tax withheld.

Note: The 1099-B form you received may or may not report the date acquired or the cost basis. This information is maintained by you and is needed to complete the proper reporting of the transactions on Schedule D.

If you sold stocks, funds, or similar property acquired through several different purchases, you may report the sale on one form and enter "Various" as the date acquired on Schedule D. In this instance, you must indicate if the sale was a short-term or long-term gain or loss. If the sale included both short-term and long-term gains or losses, enter the sale on two separate Forms 1099-B.

Note: You cannot enter "Various" as the Date Sold.

If you have multiple transactions on a .CSV file, you may import that information into TaxAct. Please see Importing a .CSV file into TaxAct (1099-B) for more information.

Related Links

• IRS Publication 550
• Capital Gains Tax
• Cost Basis
• Creating your Own Spreadsheet (1099-B)
• Form 1099-B Summary Totals