I am working on my 99 return using TurboTax, and I am not to sure where to enter my 1099B (proceed from broker transactions) Federal Income tax withheld (looks like a backup withholding).
I am working on my 99 return using TurboTax, and I am not to sure where
to enter my 1099B (proceed from broker transactions) Federal Income tax
withheld (looks like a backup withholding). Turbotax only asked for
cost basis and net sale price (may be I can subtract this withheld
amount from the net sale price?)
Maybe you'd be wrong if you did. Calculate your gains by using the sales
proceeds (from the 1099B amount) less your cost basis, and report the gain
or loss on Schedule D. The federal tax withheld is reported on Line 57 of
your 1040, it reduces the amount you'll owe or increase the amount of your
refund.
TurboTax may not have a place to account for the tax withheld on 1099B
information. I know my software doesn't.