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ustaxes / UsTaxes

Tax filing web application
https://ustaxes.org
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1099-B withheld income not included #1123

Open jeff-hykin opened 2 years ago

jeff-hykin commented 2 years ago

If I'm understanding correctly, there should be 845.29 in this box Screen Shot 2022-04-16 at 2 38 16 PM

Based on these inputs for a 1099-B form:

Screen Shot 2022-04-16 at 2 35 30 PM

The final reimbursement also doesn't account for the 845.29 withheld (so the refund is an underestimate)

thegrims commented 2 years ago

Hi Jeff,

Usually, 1099-B income is not withheld, and that assumption is baked into the form. However, you should find that income reported under SCHEDULE D (Capital Gains and losses) and on line 7 of the 1040 form. I have not seen any brokerages withhold long term or short term stock gains. Does yours?

zakpatterson commented 2 years ago

It can happen based on individual circumstances (backup withholding, maybe others) what Jeff is describing just looks like capital gain income like Aidan is saying.

We should support withholding on 1099-b though. It's box 4 and box 16 of 1099-B.

jeff-hykin commented 2 years ago

I have not seen any brokerages withhold long term or short term stock gains. Does yours?

I'm not sure. My accounts are very simple though, I'm using Schwab. The only transaction this year was switching funds from a index fund to GLD (and I had to convert to cash to make that change). I was surprised myself that the 1099-B had a withheld amount.

The only reason I detected the possible error is I was filling out TurboTax alongside to compare to using this repo, and the withheld amounts were very different.

tmm1 commented 2 years ago

All of the 1099s have a box 4 federal tax withheld (including DIV, MISC, OID)