What is a IRS Form 1099-B ?

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Guide for Filing Form 1099-B for 2023 Tax Year

Updated on January 26, 2023 - 10:30 AM by Admin, TaxBandits

The 1099-B is a part of the 1099 Series of forms. This series of IRS tax forms is used to report a variety of different non-payroll payments. When it comes to the Form 1099-B, there are specific filing requirements. Keep reading for a thorough overview to file Form 1099-B.

In this article, we cover the following topics:

1. What is IRS Form 1099-B?

Form 1099-B is used to report proceeds from broker and barter exchange transactions that were made throughout the tax year. Form 1099-B must be filed with the IRS and recipient copies must be distributed to each person that made a sale or exchange through a broker.

2. What information should be reported in Form 1099-B?

Form 1099-B provides information about the gains and losses of transactions made through brokers to whom they sold stocks, bonds, commodities, mutual funds, securities, future contracts, etc.

Form 1099-B also includes information about investments, this includes the description of the property, date acquired, date sold, and its associated gain or loss, and the federal tax withheld, if applicable.

3. Form 1099-B due dates for 2023 Tax Year

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

Recipient Copy Paper filing E-filing

February 15, 2024

February 28, 2024

April 1, 2024

TaxBandits supports the secure and accurate filing of Form 1099-B Forms with the IRS and State. We also offer solutions for the distribution of your recipient copies. E-file Form 1099-B Now

4. Who must file 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 Form 1099-B for individuals that received cash, stock, or other property from a corporation that the broker knows.

5. How to file Form 1099-B for 2023 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

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