1099-B: What’s new

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