IRS Release Status: FINAL

Sample Excel Import File: 1099-B.xlsx

What's New for 2016

  • FATCA filing requirements of certain foreign financial institutions (FFIs). An FFI with a chapter 4 requirement to report a U.S. account maintained by the FFI that is held by a specified U.S. person may satisfy this requirement by reporting on Form(s) 1099 under the election described in Regulations section 1.1471-4(d)(5) (i)(A). Additionally, a U.S. payer may satisfy its chapter 4 requirement to report such a U.S. account by reporting on Form(s) 1099. See Regulations section 1.1471-4(d)(2)(iii) (A). Beginning in 2016, Form 1099-B is among the Forms 1099 used for such purpose. A new check box was added to Form 1099-B to identify an FFI or U.S. payer filing this form to satisfy its chapter 4 reporting requirement.
  • Definition of covered security. In the instructions for box 1e, in accordance with TD 9616, 2013-20 I.R.B. 1061, the definition of “covered security” has been expanded to include certain debt instruments or options that are specified securities acquired for cash in an account after 2015. See Regulations sections 1.6045-1(a)(15)(i)(D) and 1.6045-1(m)(2)(ii). This includes variable rate debt instruments, inflation-indexed debt instruments, contingent payment debt instruments, options on debt instruments with payments denominated in, or determined by reference to, a currency other than the U.S. dollar, and options issued as part of investment units.
  • Transfer statement information. In the instructions for “Transfer Statement,” in accordance with TD 9713, 2015-13 I.R.B. 802, the information required in the case of a debt instrument has been expanded to include the last date on or before the transfer date that the broker made an adjustment for a particular item relating to a debt instrument transferred on or after January 1, 2016. Also, a transfer statement is now required for the transfer of a section 1256 option occurring on or after January 1, 2016. For these types of options, in addition to the information required for a non-section 1256 option, a broker must transfer information about the original basis of the option and the fair market value of the option as of the end of the prior calendar year.
  • Ordinary income indicator. An additional check box has been added to box 2 for situations in which some of a taxpayer’s gain or loss may be ordinary rather than capital. You may check up to two boxes in box 2: Short-Term and Ordinary or Long-Term and Ordinary are permitted combinations.
  • Wash sales, accrued market discount, and collectible.  Report the amount of accrued market discount, if any, in Box 1f.  Report the amount of wash sale loss disallowed, if any, in Box 1g.  The collectibles indicator has been moved to Box 12.

New Fields

  • Box 1f: Accrued market discount
  • Box 1g: Wash sale loss disallowed
  • Box 2 Checkbox: Ordinary
  • Box 12 Checkbox: Check if proceeds from collectibles
  • FATCA Checkbox: FATCA filing requirement

Import Form Fields:

Field NameSizeType DescriptionNotes
See Form Filer Common FieldsFiler fields common to all form types. 
See Recipient Common FieldsRecipient fields common to all form types. 
FATCA Checkbox1CheckboxFATCA filing requirementX / Y / T / 1 = Checked

Box 1a Description

45TextBox 1a: Description of propertyX / Y / T / 1 = Checked
Box 1b Date10DateBox 1b: Date acquiredMM/DD/YYYY or M/D/YYYY

Box 1c Date

10Date

Box 1c: Date sold or disposed

 

Box 1d Amount

12AmountBox 1d: Proceeds 
Box 1e Amount12AmountBox 1e: Cost or other basis 

Box 1f Amount

12Amount

Box 1f: Accrued market discount

 
Box 1g Amount12AmountBox 1g: Wash sale loss disallowed 
Box 2 Checkbox 11CheckboxBox 2: Short-termX / Y / T / 1 = Checked
Box 2 Checkbox 21CheckboxBox 2: Long-termX / Y / T / 1 = Checked
Box 2 Checkbox 31CheckboxBox 2: OrdinaryX / Y / T / 1 = Checked
Box 3 Checkbox1CheckboxBox 3: Check if basis reported to IRSX / Y / T / 1 = Checked
Box 4 Amount12AmountBox 4: Federal income tax withheld 
Box 5 Checkbox1CheckboxBox 5: Check if noncovered securityX / Y / T / 1 = Checked
Box 6 Checkbox 11CheckboxBox 6: Gross proceedsX / Y / T / 1 = Checked
Box 6 Checkbox 21CheckboxBox 6: Net proceedsX / Y / T / 1 = Checked
Box 7 Checkbox1CheckboxBox 7: Check if loss is not allowed on based on amount in 1dX / Y / T / 1 = Checked
Box 8 Amount12AmountBox 8: Profit or (loss) realized in 2016 
Box 9 Amount12AmountBox 9: Unrealized profit or (loss) on open contracts...2015 
Box 10 Amount12AmountBox 10: Unrealized profit or (loss) on open contracts...2016 
Box 11 Amount12AmountBox 11: Aggregate profit or (loss) on open contracts 
Box 12 Checkbox1CheckboxBox 12: Check if proceeds from collectiblesX / Y / T / 1 = Checked
Box 13 Amount12AmountBox 13: Bartering 
Box 14 State2TextBox 14: State nameUse state abbreviation
Box 15 ID Number20TextBox 15: State identification no.Given by State Department of Revenue
Box 16 Amount12AmountBox 16: State tax withheld 
See Form Common FieldsForm fields common to all form types. 

1099-B Form:

IRS 1099-B Form:  1099-B Form

IRS 1099-B Instructions:  1099-B Instructions

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