1099-B - Overview
A broker or barter exchange must file Form 1099-B for each person:
- For whom, they sold stocks, commodities, regulated futures contracts, foreign currency contracts, forward contracts, debt instruments, options, securities futures contracts, etc., for cash,
- Who received cash, stock, or other property from a corporation that the broker knows or has reason to know has had its stock acquired in an acquisition of control or had a substantial change in capital structure reportable on Form 8806, or
- Who exchanged property or services through a barter exchange.
Note that some accounts may be considered exempt based on their US tax classification. (e.g., Corporation).
Deadlines
See below for the deadlines relevant to the Form 1099-B:
- February 15th is the last day to deliver forms to recipients
- March 31st is the last day to submit filings
If a deadline falls on a weekend or holiday, it will be extended to the next business day. A 30-day extension is generally available for both of the deadlines above.
Resources
Please see the Form 1099-B – IRS Form & Instructions for official IRS information.
Below are the applicable CSV Ingestion Templates:
- Account Owner/Account CSV Template
- Transactions CSV Template
- 1099-B Form Data CSV Template – Only required if not sending transactions
A sample form is also attached to the bottom of this article for your reference.
Data Requirements
See below for all of the required data elements for completing Form 1099-B reporting.
Filing Entity
The legal entity responsible for the issuing forms will be the filing entity. The information listed below must be submitted through the Taxbit Dashboard.
For more information on Filer setup, please refer to this guide: Filer Setup
|
Field Name |
Required |
|
Name |
Required |
|
Address |
Required |
|
Tax Residency |
Required |
|
US TIN |
Required |
|
Contact Phone Number |
Required |
Please note: If there are multiple filers, please ensure that you are using the correct filer ID for the associated account(s).
Account Owner / Account
For ingestion purposes, the only data point required to create/update an Account Owner is the Account ID. This allows you to add all of your users to the Dashboard, even while you may still be collecting additional information. There will be reports available in the Dashboard to let you know if something is missing for an Account that is eligible for a tax form.
For more information on formatting the Account Owner/Account CSV templates, please refer to this guide: Standard Account Owner/Account - CSV Ingestion Template Guide
The following table, however, summarizes the required fields needed to complete the Form 1099-B.
|
Field Name |
Required |
|
Account Owner ID |
Only required if you have Account Owners with multiple Accounts |
|
Account ID |
Required |
|
Name |
Required |
|
Joint Account Name |
If Applicable |
|
Address |
Required |
|
Tax Residency |
Presumed US if unavailable |
|
TIN |
Required |
|
Filer ID |
Only required if you have multiple Filers |
Note that there are other fields on the Account Owner / Account model that are not listed here, as they are not required for 1099-B reporting.
Form Data
For account activity, you will need to prepare the Form Data templates for each of the form types. These templates generally mirror the fields on the corresponding IRS form and should include the final aggregated amounts for reporting.
Note that a single Account may have multiple Form Data rows, one for each disposition.
|
Field Name |
Covered |
Noncovered |
1256 Contracts |
|
Account ID |
Required |
Required |
Required |
|
CUSIP Number |
If Applicable |
If Applicable |
Not Applicable |
|
Property Name |
Required |
Required |
Not Applicable |
|
Property Symbol (Description Of Property (Box 1a) - 1) |
If Applicable |
If Applicable |
Not Applicable |
|
Property Quantity (Description Of Property (Box 1a) - 2) |
Required* |
Required* |
Not Applicable |
|
Date Acquired (Box 1b) |
Required |
If Available |
Not Applicable |
|
Date Sold Or Disposed (Box 1c) |
Required |
Required |
Not Applicable |
|
Proceeds (Box 1d) |
Required |
Required |
Not Applicable |
|
Cost Or Other Basis (Box 1e) |
Required |
If Available |
Not Applicable |
|
Accrued Market Discount (Box 1f) |
If Applicable |
If Applicable |
Not Applicable |
|
Wash Sale Loss Disallowed (Box 1g) |
If Applicable |
If Applicable |
Not Applicable |
|
Ordinary, Short-Term or Long-Term Gain/Loss (Box 2) |
Required |
If Available |
Not Applicable |
|
Proceeds are from Collectibles or QOF (Box 3) |
If Applicable |
If Applicable |
Not Applicable |
|
Federal Income Tax Withheld (Box 4) |
If Applicable |
If Applicable |
Not Applicable |
|
Security is Noncovered (Box 5) |
Required: FALSE |
Required: TRUE |
Not Applicable |
|
Gross Proceeds or Net Proceeds Reported To IRS (Box 6) |
Required |
Required |
Not Applicable |
|
Loss Is Not Allowed Based On Line 1D Amount (Box 7) |
If Applicable |
If Applicable |
Not Applicable |
|
Profit Or (Loss) Realized In Current Tax Year On Closed Contracts (Box 8) |
Not Applicable |
Not Applicable |
Required |
|
Unrealized Profit Or (Loss) On Open Contracts - Dec 31 Of Prior Tax Year (Box 9) |
Not Applicable |
Not Applicable |
Required |
|
Unrealized Profit Or (Loss) On Open Contracts - Dec 31 Of Current Tax Year (Box 10) |
Not Applicable |
Not Applicable |
Required |
|
State Name (Box 14) |
Only required if there is state withholding, or the income is applicable to a state that is different from the address state |
||
|
State Id (Box 15) |
If Applicable |
||
|
State Tax Withheld (Box 16) |
If Applicable |
||
|
Bartering (Box 13) |
Not Supported |
||
*In certain scenarios, this field is not required. Only a warning will be raised if not provided.