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Financial Planning / Tax Strategies


Subject:  Re: Taxact? Date:  4/8/2007  4:07 PM
Author:  lorenzo2 Number:  93774 of 123001

I tried using the free taxaxt software, but seems like it wants me to create a 1099-B for each transaction throughout the year! Is there something wrong here? I thought we needed to fill something called a schedule D.

I've never used taxact, so I'm not sure what it's doing. But a 1099-B is the form on which your broker reports sales proceeds to both you and the IRS - it simply says that StockMeisterVi received $50,000 (or whatever) in proceeds from the sale of stock, funds, etc.

On Schedule D you report all your sales, showing for each of them: what you sold, when you bough