1099-B 2016

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 Name	Size	Type	Description	Notes
See Form Filer Common Fields			Filer fields common to all form types.
See Recipient Common Fields			Recipient fields common to all form types.
FATCA Checkbox	1	Checkbox	FATCA filing requirement	X / Y / T / 1 = Checked
Box 1a Description	45	Text	Box 1a: Description of property	X / Y / T / 1 = Checked
Box 1b Date	10	Date	Box 1b: Date acquired	MM/DD/YYYY or M/D/YYYY
Box 1c Date	10	Date	Box 1c: Date sold or disposed
Box 1d Amount	12	Amount	Box 1d: Proceeds
Box 1e Amount	12	Amount	Box 1e: Cost or other basis
Box 1f Amount	12	Amount	Box 1f: Accrued market discount
Box 1g Amount	12	Amount	Box 1g: Wash sale loss disallowed
Box 2 Checkbox 1	1	Checkbox	Box 2: Short-term	X / Y / T / 1 = Checked
Box 2 Checkbox 2	1	Checkbox	Box 2: Long-term	X / Y / T / 1 = Checked
Box 2 Checkbox 3	1	Checkbox	Box 2: Ordinary	X / Y / T / 1 = Checked
Box 3 Checkbox	1	Checkbox	Box 3: Check if basis reported to IRS	X / Y / T / 1 = Checked
Box 4 Amount	12	Amount	Box 4: Federal income tax withheld
Box 5 Checkbox	1	Checkbox	Box 5: Check if noncovered security	X / Y / T / 1 = Checked
Box 6 Checkbox 1	1	Checkbox	Box 6: Gross proceeds	X / Y / T / 1 = Checked
Box 6 Checkbox 2	1	Checkbox	Box 6: Net proceeds	X / Y / T / 1 = Checked
Box 7 Checkbox	1	Checkbox	Box 7: Check if loss is not allowed on based on amount in 1d	X / Y / T / 1 = Checked
Box 8 Amount	12	Amount	Box 8: Profit or (loss) realized in 2016
Box 9 Amount	12	Amount	Box 9: Unrealized profit or (loss) on open contracts...2015
Box 10 Amount	12	Amount	Box 10: Unrealized profit or (loss) on open contracts...2016
Box 11 Amount	12	Amount	Box 11: Aggregate profit or (loss) on open contracts
Box 12 Checkbox	1	Checkbox	Box 12: Check if proceeds from collectibles	X / Y / T / 1 = Checked
Box 13 Amount	12	Amount	Box 13: Bartering
Box 14 State	2	Text	Box 14: State name	Use state abbreviation
Box 15 ID Number	20	Text	Box 15: State identification no.	Given by State Department of Revenue
Box 16 Amount	12	Amount	Box 16: State tax withheld
See Form Common Fields			Form fields common to all form types.

IRS Release Status: FINAL

Sample Excel Import File: 1099-B.xlsx

Import Form Fields:

1099-B Form:

IRS 1099-B Form: 1099-B Form

IRS 1099-B Instructions: 1099-B Instructions