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Important Updates to Form 1099-B and Schedule D for Reporting Securities Transactions

Significant revisions have been made to Form 1099-B, including the addition of new boxes for reporting key information such as acquisition date (box 1b), cost basis (box 3), wash sale disallowed amount (box 5), and the classification of securities (box 6). Brokers are now required to fill in boxes 1b, 3, 5, and 8 for securities transactions, unless otherwise noted. Additionally, Schedule D and Form 8949 have been updated for 2011, introducing new reporting lines and designators to streamline the reporting of short-term and long-term capital gains and losses.

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Important Updates to Form 1099-B and Schedule D for Reporting Securities Transactions

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  1. 1099-B: What’s new New boxes have been added to Form 1099-B for reporting the date of acquisition (box 1b), cost or other basis (box 3), amount of loss disallowed due to a wash sale (box 5), whether the property sold is a noncovered security stock (box 6), and whether the gain or loss is short-term or long-term (box 8). Brokers must complete boxes 1b, 3, 5, and 8 when reporting sales of securities unless box 6 is checked. Other boxes on the form have been moved or renumbered.

  2. SCH D & FORM 8949 • Schedule D for 2011 – has new reporting lines using Form 8949NEW • Form 8949 has codes and three boxes that need to be completed for each taxpayer • Box A – Cost basis shown on 1099-B • Box B – Cost basis not shown on 1099-B • Box C – No 1099-B received • For each asset sold, the 1099 will have an A/B/C designator • All assets information goes on Form 8949 (info entered on CAP GAINS WKT and transferred) • Page 1 is for short term; Page 2 is for long term

  3. SCH D & FORM 8949 In TaxWise, Capital Gain or Loss Transactions Worksheet (Cap Gain Wkt) will load 8949s and put assets on appropriate pages. A/B/C designators will be entered under the 1099 column of the Worksheet Long Term/Short Term Capital Gains/Losses Wkts will no longer be in Forms list Column (b) is code for adjustments to gain/loss, wash sales, exclusion of gain on main home, etc Column (g) is the amount of the adjustment

  4. Cap gains wkt- 2011 • Column (b) is for gain/loss adjustment codes; see F1 help and Form 8949 instructions • Column (g) is for amount of adjustment

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