Who needs 1099-B Form?
1099-B is the U.S. Department of Treasury Internal Revenue Service Form also known as the Proceeds From Broker and Barter Exchange Transactions Form. The IRS requires broker or barter exchanges to file this form regarding each individual:
For whom they sold stocks, bonds, options mutual funds, and securities;
Who earned money, stocks, or equivalent property from a corporation that has had its stock acquired in an acquisition of control or had a substantial change in capital structure;
Used the barter exchange's services to exchange property.
What is the purpose of 1099-B Form?
The taxpayer will need the data provided by the broker on form 1099-B to properly fill out another IRS form 1040, Schedule D.
Is the IRS 1009-B form accompanied by any other forms?
So far as the Form 1099-B consists of several almost identical copies, there is a helpful and detailed instructions each page that must be filed:
Copy A must be submitted along with the filled out form 1096;
Copy 2 must be filed together with the recipient’s state income tax return.
As for the rest of the form’s pages, there is no need to accompany them by any other documents.
When is the form 1099-B due?
Similar to the required attachments, the due dates of all the copies vary depending upon their recipients. Yet there are thorough instructions as to when each copy should be filed:
Hard Copy A is supposed to be directed to the IRS before 28th February. If the payer files taxes electronically, then the deadline for the Copy A submission is March, 31.
Copy B of IRS form 1099-B must be directed to the recipient prior to February, 15.
Other copies must be submitted when required.
Where to submit the completed 1099-B Form?
The recipient of each copy of the Proceeds From Broker and Barter Exchange Transactions Form is clearly indicated on each form’s page in the right box.