Instructions for Form 1099-B - Introductory Material

Table of Contents

What's New

Information about any future developments that affect Form 1099-B (such as legislation) will be posted at www.irs.gov/form1099b.

Truncating recipient's identification number on paper payee statements.   Notice 2011-38 allows filers of this form to truncate a recipient's identification number (social security number (SSN), individual taxpayer identification number (ITIN), or adoption taxpayer identification number (ATIN)) on paper payee statements for tax years 2011 and 2012. See part M in the 2012 General Instructions for Certain Information Returns.

New boxes.   New boxes have been added to Form 1099-B for reporting the stock or other symbol (box 1d), quantity sold (box 1e), whether basis is being reported to the IRS (box 6b), and state income tax withheld (boxes 13-15). Other boxes on the form have been moved or renumbered.

Sales by S corporations.   Brokers must report on Form 1099-B sales of covered securities (defined later) by an S corporation if the S corporation acquired the covered securities after 2011.

Sales by other corporations.   You must use new rules to determine whether a customer is considered a corporation. See Identifying a corporation, later.

Reminder

In addition to these specific instructions, you should also use the 2012 General Instructions for Certain Information Returns. Those general instructions include information about the following topics.

  • Backup withholding.

  • Electronic reporting requirements.

  • Penalties.

  • Who must file (nominee/middleman).

  • When and where to file.

  • Taxpayer identification numbers.

  • Statements to recipients.

  • Corrected and void returns.

  • Other general topics.

You can get the general instructions from IRS.gov or by calling 1-800-TAX-FORM (1-800-829-3676).

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