It’s been rather hectic around here at TaxBandits the last few days tackling the major January 31 deadline. Our support team has been working extremely hard to process and mail thousands of forms to recipients across the U.S.
Now that we’ve made it through the first major deadline of the year, we’re keeping the ball rolling and are preparing for the next filing deadline at the middle of this month.
Did you know that recipient copies of Form 1099-B must be mailed out by February 15, 2018?
Form 1099-B is used to report proceeds from broker and barter exchange transactions. These types of transactions are sales that are made by other parties in the standard course of a trade or business that is overseen by the broker reporting on Form 1099-B.
When reporting to the IRS, brokers must limit their transactions to only one per Form 1099-B.
Information Needed to File Online
As always, TaxBandits lets you know what information you need in advance so you’re prepared and organized when filing. The following information is required to file Form 1099-B:
- Payer Info: (Name, Address, TIN, Telephone Number)
- Recipient Info: (Name, Address, TIN, Account Number)
- Financial Details of the Sale
- Description of Property
- Relevant Dates
- Costs and Proceeds
- Federal/State Income Tax Withheld (if any)
- Realized or Unrealized Profits and Losses
- Bartering Data (if applicable)
Form 1099-B Filing Deadlines
Filing Form 1099-B
Once you’ve gathered all of the necessary information, you can start the filing process by creating or signing in to your TaxBandits account. Start a Form 1099-B return and then add payer details, recipient details, and transaction details.
After these details have been added you will review your order and select if you’d like your recipient forms mailed for you. To complete the filing process, you will simply add credit card details for the one-time transmittal fee and e-file Form 1099-B directly with the IRS.
What Happens After I File?
Unlike other software companies, TaxBandits gives you real-time updates on the status of your form. You will be notified when the form is accepted by the IRS.
If for some reason your form is rejected or you notice an error after you’ve filed, TaxBandits allows you to correct your 1099 Form.
If you need any assistance with filing your Form 1099-B, please don’t hesitate to contact the amazing US-based TaxBandits support team. We’re available Monday – Fridays from 9 AM to 6 PM EST at 704.684.4751. We also offer live chat and provide 24/7 email support at support@TaxBandits.com