E-File Form 1099-B Online

What is Form 1099-B?

Form 1099-B reports proceeds from broker and barter exchange transactions throughout the tax year. It must be filed with the IRS, and recipient copies must be distributed to each person who made a sale or exchange through a broker.

Want to know how to complete Form 1099-B? Here are the step-by-step
instructions for Form 1099-B.

Who must file Form 1099-B?

As a broker or barter exchange, you are responsible for filing Form 1099-B for each person who has conducted specific financial transactions through your services. You must file this form for any individual:

• For whom you’ve sold stocks, commodities, regulated futures contracts, foreign currency contracts, options, or other securities for cash, including short sales.
• Who received cash, stock, or other property from a company that was taken over by another company (acquisition of control) or went through a big change in its structure (like a merger or reorganization) need to report this. You must file this information with the IRS using Form 1099-B if you know, or have a reason to believe, that the company had one of these significant changes. These changes are also reported on Form 8806, which tracks such corporate events.
• Who has exchanged property or services through your barter exchange.

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

• The due date to file Form 1099-B electronically is
  March 31, 2025.
• If you file the 1099-B Form on paper, the due date is
  February 28, 2025.
• The due date to distribute the recipient copy is
  February 18, 2025.

Visit https://www.taxbandits.com/1099-forms/form-1099-b-deadline/ to know more about
1099-B Due dates

Is It Required To File Form 1099-B With The State?

Depends on your state requirements, sometimes you need to file the 1099 B Tax Form with the state department as well. If your state is a part of the Combined Federal/State Filing program, the IRS will forward your returns directly to your state free of charge. Check Your State Filing Requirements.

How to Correct Errors on Form 1099-B?

If your IRS Form 1099-B is rejected or you notice an error on an already filed 1099-B Form, you'll need to correct it as soon as possible. Corrections can be made electronically or on paper. If the error is part of the transferor's data, a corrected copy of Form 1099-B will need to be sent to them as well.
Learn More to know about Form 1099-B correction.

What are the penalties for not filing Form 1099-B?

If you fail to file and furnish Form 1099-B within the specified deadlines, the IRS will impose penalties ranging between
$60 and $660, depending on your business size and the delayed period.
Click here to learn about 1099-B Penalties.

How to Get an Extension on IRS Form 1099 B?

Need more time to prepare your 1099-B return? Get an automatic 30-day extension of time to file your 1099-B Form by filing tax extension Form 8809. It takes just a few minutes to file.
Learn More about Form 1099 Extensions.