IRS Form 1099-B
Instructions for 2024 Tax Year

1. What is the purpose of IRS Form 1099-B?

According to the IRS, a broker or barter exchange must file Form 1099-B for individuals that they have made a sale of stocks, commodities, regulated futures contracts, foreign currency contracts (pursuant to a forward contract or regulated futures contract), forward contracts, debt instruments, options, and securities futures contracts.They are also required to file a IRS Form 1099-B for individuals that received cash, stock, or other property from a corporation that the broker knows.

2. Form 1099-B Instructions - A complete breakdown

1099-B Tax Form has 13 boxes. Here is an overview of the information that must be entered in
each one.

• In Box 1a, enter a description of the property. If the property being reported is a stock, the issuer's name should be entered and the number of units that were exchanged.
• In Box 1b enter the date of acquisition. You can leave this box blank if there were several different dates or if you check Box 5 for noncovered securities.
• In Box 1c, enter the date of the sale or exchange.
• In Box 1d, enter the gross cash proceeds.
• In Box 1e, Enter the cost or other basis of the securities sold unless the security is not a covered security and you are going to check box 5.
• In Box 1f enter any accrued market discount.
• In Box 1g, Enter the Nondeductible wash sale loss.
• In Box 2, check the appropriate box to indicate whether this was a short term gain or loss, long time gain or loss, or ordinary.
• In Box 3, check the box to indicate if the proceeds are from the transaction involving collectibles or Qualified Opportunity Funds (QOF).
• In Box 4, enter any federal income tax withheld.
• Check Box 5 to indicate if the securities sold were noncovered securities.
• Check the box in Box 6 to indicate whether you are reporting gross proceeds or
  net proceeds.
• Check the appropriate box in Box 7 to indicate if the loss is not allowed based on
  amount in 1d.
• Box 8 is used to report any profit or (loss) realized in 2024 on closed contracts.
• In Box 9, enter any unrealized profit or (loss) on open contracts through 12/31/2022.
• In Box 10, enter any Unrealized profit or (loss) on open contracts through 12/31/2023.
• In Box 11, enter any aggregate profit or (loss) on contracts.
• Check Box 12 if there was a basis reported to the IRS.
• Enter the gross amounts received by a member or client of a barter exchange in
  Box 13.

3. When is the deadline to file Form 1099-B for 2024 tax year?

There are three deadlines for Form 1099-B, these include:

4. How to File Form 1099-B electronically with TaxBandits?

With TaxBandits, e-filing Form 1099-B is simple and secure, just follow the steps below to
get started:

• Create an account with TaxBandits.
• Select or add the business you are filing for.
• Enter the required Form 1099-B details.
• Review and transmit Form 1099-B to the IRS.

Get started with TaxBandits today and stay compliant with the IRS! E-file as low as $0.80/Form

Need a recipient copy solution? TaxBandits has you covered! You can select from our postal mail and online access options.