Form 1099-B, Broker and Barter Exchange Proceeds

The Form 1099-B, Proceeds From Broker and Barter Exchange Transactions skill extracts data from Forms 1099-B, which are filled in by brokers or barter exchanges to report gains or losses during a tax year. Forms 1099-B usually provide information about securities or property involved in a transaction handled by a broker. Individual taxpayers receive the form from their brokers or barter exchange already filled out and transfer the information to Form 8949 to calculate their preliminary gains and losses. The Form 1099-B, Proceeds From Broker and Barter Exchange Transactions skill is a preview skill. It has been trained on a limited set of documents and is designed to help you quickly get started with processing Forms 1099-B. For production use, you may need to uptrain the skill with your own document samples.

The Form 1099-B, Proceeds From Broker and Barter Exchange Transactions skill has been trained to process forms for the tax years of 2021, 2022, and 2023.

This skill recognizes handwritten text. The option is enabled by default. If you do not import handwritten forms, disable the Handwritten option in the skill settings.

Countries and Languages

Countries	Languages
USA	English

Extracted Fields

Basic Form Information

Field	Description
Void	Specifies that the processed form should be annulled.
Corrected	Specifies that the processed form is being submitted to correct data provided earlier.
Year	The reporting fiscal year.

Form 8949 Classification

Field	Description
Applicable Checkbox on Form 8949	Indicates where to report this transaction on Form 8949. Possible code values: Code A (indicates a short-term transaction for which the cost or other basis is being reported to the IRS) Code B (indicates a short-term transaction for which the cost or other basis is not being reported to the IRS) Code D (indicates a long-term transaction for which the cost or other basis is being reported to the IRS) Code E (indicates a long-term transaction for which the cost or other basis is not being reported to the IRS) Code X (used if a transaction holding period is unknown).

Payer Details

Field	Description
Name	The name, address, phone number, and tax identification number (TIN) of the payer.
Street	The name, address, phone number, and tax identification number (TIN) of the payer.
City	The name, address, phone number, and tax identification number (TIN) of the payer.
State	The name, address, phone number, and tax identification number (TIN) of the payer.
Country	The name, address, phone number, and tax identification number (TIN) of the payer.
ZIP Code	The name, address, phone number, and tax identification number (TIN) of the payer.
Phone	The name, address, phone number, and tax identification number (TIN) of the payer.
TIN	The name, address, phone number, and tax identification number (TIN) of the payer.

Recipient Details

Field	Description
Name	The name, address, and tax identification number (TIN) of the recipient.
Street	The name, address, and tax identification number (TIN) of the recipient.
City	The name, address, and tax identification number (TIN) of the recipient.
State	The name, address, and tax identification number (TIN) of the recipient.
Country	The name, address, and tax identification number (TIN) of the recipient.
ZIP Code	The name, address, and tax identification number (TIN) of the recipient.
TIN	The name, address, and tax identification number (TIN) of the recipient.

Account and Identification Information

Field	Description
Account Number	The unique number used by the payer to identify the payment recipient.
2nd TIN Notified	Specifies whether the payer has been notified by the IRS twice within 3 calendar years that the TIN provided by the payer was incorrect.
CUSIP Number	The unique identifier assigned to each security registered with the Committee on Uniform Securities Identification Procedures (CUSIP).
FATCA Filing Requirement	Specifies that the Foreign Account Tax Compliance Act (FATCA) filing requirement is satisfied.

Transaction Details

Field	Description
Description of Property	For stock and debt instruments, the description of shares or units that were exchanged. For stock, the class or classes of stock (for example, preferred, common, etc.) that were exchanged. For bartering transactions, the description of the service or property provided.
Date Acquired	The acquisition date of any securities sold.
Date Sold or Disposed	The trade date of the sale or exchange.

Financial Information

Field	Description
Proceeds	The gross cash proceeds from all dispositions (including short sales) of securities, commodities, options, securities futures contracts, or forward contracts.
Cost or Other Basis	The adjusted basis of any securities sold unless the security is not covered.
Accrued Market Discount	The amount of accrued market discount.
Wash Sale Loss Disallowed	Any loss disallowed if both the sale and purchase transactions occur in the same account with respect to covered securities with the same CUSIP number.

Gain/Loss Classification

Field	Description
Short-term Gain or Loss	Specifies the profit or loss from the sale of a capital asset that was held for one year or less.
Long-term Gain or Loss	Specifies the profit or loss from the sale of a capital asset that was held for more than one year before it was sold.
Ordinary	Specifies that the gain or loss from the sale of a security or other asset is treated as ordinary income or loss, not as a capital gain or loss.

Proceeds From

Field	Description
Collectibles	Specifies whether the proceeds are from a transaction involving collectibles. Possible values: Collectibles, QOF (disposition of an interest in a Quality and Outcomes Framework).
QOF	Specifies that the transaction being reported is the disposition (for example, sale, exchange, or other transfer) of an investment in a Qualified Opportunity Fund.

Reported to IRS

Field	Description
Gross Proceeds	The total amount of money received from the sale of a security, commodity, or other property, before any commissions, fees, or other expenses have been deducted.
Net Proceeds	The total proceeds from a sale after certain expenses, such as commissions and transfer taxes, have been subtracted.

Tax Withholding and Reporting

Field	Description
Loss Is Not Allowed	Specifies that the loss is not allowed based on the amount of proceeds.
Basis Reported to IRS	Specifies whether the basis is reported to IRS.

Futures and Foreign Currency Contracts

Field	Description
Profit or (Loss) realized on closed contracts (This Year)	The profit or (loss) realized by the payer on closed regulated futures or foreign currency during the current year.
Unrealized Profit or (Loss) on Open Contracts (Year before)	The unrealized profit or (loss) on open regulated futures or foreign currency during the previous year.
Unrealized Profit or (Loss) on Open Contracts (This Year)	The unrealized profit or (loss) on open regulated futures or foreign currency during the current year.
Aggregate Profit or (Loss) on Contracts	The aggregate profit or (loss) for the year from regulated futures or foreign currency.

Bartering Transactions

Field	Description
Bartering	The gross amounts received by a member or client of a barter exchange.

State 1 Information

Field	Description
State Name	The information about filers who participate in the Combined Federal/State Filing Program and/or who are required to file paper copies of this form with a state tax department.
State Identification No	The information about filers who participate in the Combined Federal/State Filing Program and/or who are required to file paper copies of this form with a state tax department.
State Tax Withheld	The information about filers who participate in the Combined Federal/State Filing Program and/or who are required to file paper copies of this form with a state tax department.

State 2 Information

Field	Description
State Name	The information about filers who participate in the Combined Federal/State Filing Program and/or who are required to file paper copies of this form with a state tax department.
State Identification No	The information about filers who participate in the Combined Federal/State Filing Program and/or who are required to file paper copies of this form with a state tax department.
State Tax Withheld	The information about filers who participate in the Combined Federal/State Filing Program and/or who are required to file paper copies of this form with a state tax department.

Key Fields

Year
Payer Details/TIN
Recipient Details/Name
Recipient Details/TIN

​Countries and Languages

​Extracted Fields

​Basic Form Information

​Form 8949 Classification

​Payer Details

​Recipient Details

​Account and Identification Information

​Transaction Details

​Financial Information

​Gain/Loss Classification

​Proceeds From

​Reported to IRS

​Tax Withholding and Reporting

​Futures and Foreign Currency Contracts

​Bartering Transactions

​State 1 Information

​State 2 Information

​Key Fields

Countries and Languages

Extracted Fields

Basic Form Information

Form 8949 Classification

Payer Details

Recipient Details

Account and Identification Information

Transaction Details

Financial Information

Gain/Loss Classification

Proceeds From

Reported to IRS

Tax Withholding and Reporting

Futures and Foreign Currency Contracts

Bartering Transactions

State 1 Information

State 2 Information

Key Fields