Robinhood Securities 1099DIV and 1099B

[giogis245]

Client brought in his Robinhood securities, do I only enter 1099DIV info which includes the ordinary dividends?  Do I need to enter summary of proceeds, gains and losses?

[Lion EA]

Enter the 1099DIV information for Schedule B and the 1099B information for Schedule D via Form 8949.

Do you understand those sources of income, how the information flows on the return, etc. Will you be able to proofread/review the return for reasonableness and accuracy? The IRS instructions for Schedule D are helpful and thorough: https://www.irs.gov/pub/irs-pdf/i1040sd.pdf

[giogis245]

Basis $469,183

Cost: $505,785

Wash sale loss disallowed: $48,268

Net gain: $11,673

do these numbers make sense

[JRS]

15 minutes ago, Lion EA said:

Enter the 1099DIV information for Schedule B and the 1099B information for Schedule D via Form 8949.

Do you understand those sources of income, how the information flows on the return, etc. Will you be able to proofread/review the return for reasonableness and accuracy? The IRS instructions for Schedule D are helpful and thorough: https://www.irs.gov/pub/irs-pdf/i1040sd.pdf

Please read the IRS instructions.  You have basis in a security when you buy and proceeds when you sell.

[giogis245]

Ok looks like I have to do some reading tonight. Thanks much!

[Lion EA]

Yes, read about Cost, Adjusted Basis, how a disallowed Wash Sale loss adjusts basis, how to code adjustments to basis, etc.

And, use your software's Help, Knowledgebase, Chat, Support, whatever features to learn how to do the data entry for the rows and columns on that 1099-B.

I suggest taking a simple return with smaller numbers and preparing it by hand on paper forms to understand how the numbers flow from one form to another. When you know where all the numbers go, enter the same return in your software to make sure you understand the data entry needed to get the correct results. Then you'll feel more confident with larger numbers &/or more complicated returns.