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Get the free IRS Form 1099-B - DNP Select Income Fund

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FREQUENTLY ASKED QUESTIONS IRS FORM 1099-B Question Answer 1. Does information on my 1099-B tax form get reported to the IRS? Yes, Computer share owner Services LLC (Computer share), the Fund s transfer
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How to fill out irs form 1099-b

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How to fill out IRS Form 1099-B:

01
Obtain the necessary information: Gather all the necessary details, including your name, address, and Social Security number as the payer, as well as the recipient's name, address, and TIN (Taxpayer Identification Number).
02
Identify the transaction details: Enter the details of the transaction, including the date of the sale or exchange, the description of the property or stock involved, and the proceeds received.
03
Calculate the cost basis: Determine the cost basis of the property or stock being sold. This includes the original purchase price, any additional costs like commissions or fees, and adjustments for dividends or stock splits.
04
Report the gross proceeds: Enter the total amount received from the sale or exchange in Box 1a of Form 1099-B.
05
Account for any adjustments: If there are adjustments to the reported gross proceeds, such as wash sales or accrued market discount, report them in Box 1b.
06
Determine the cost or other basis: Enter the cost or other basis of the property or stock being transferred to the buyer in Box 3. This should reflect the adjusted basis after any adjustments.
07
Report any federal income tax withheld: If any federal income tax was withheld on the transaction, report the amount withheld in Box 4.
08
Complete the remaining boxes: Depending on the nature of the transaction, additional boxes may need to be filled out. For example, if the transaction involves a regulated futures or foreign currency contract, you may need to report the number of contracts and expiration dates in Box 11.

Who needs IRS Form 1099-B:

01
Brokers or barter exchanges: Anyone who operates as a broker or barter exchange and is involved in the sale or exchange of securities, commodities, or barter exchanges must file Form 1099-B.
02
Investors: Individuals who engage in the sale or exchange of securities or commodities must also report the transactions on Form 1099-B. This includes individuals who sold stocks, bonds, mutual funds, or other investment assets.
03
Corporations and partnerships: Certain types of corporations and partnerships may also be required to file Form 1099-B if they engage in transactions involving securities or commodities.
In summary, anyone involved in the sale or exchange of securities, commodities, or barter exchanges, whether as a broker, investor, or certain types of corporations or partnerships, needs to fill out IRS Form 1099-B.

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IRS Form 1099-B is used to report the proceeds from broker and barter exchange transactions.
Brokers and barter exchanges are required to file IRS Form 1099-B.
IRS Form 1099-B must be filled out with accurate information regarding broker and barter exchange transactions.
The purpose of IRS Form 1099-B is to report capital gains and losses from broker and barter exchange transactions.
Information such as the description of property or stock, date acquired and sold, sales price, and cost or other basis must be reported on IRS Form 1099-B.
The deadline to file IRS Form 1099-B in 2023 is February 28, 2023.
The penalty for the late filing of IRS Form 1099-B is $50 per form if filed within 30 days of the deadline, and $100 per form if filed more than 30 days after the deadline.
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