Where and How do you enter a 1099B . I have never had one to enter in a program
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1099b
The sale of or redemption of capital assets. Use Sch D. -
Barter
Neither one. This man earns points from sales and is given "freebies" in exchange for his points. Such as Hotel, motel rooms, trips, cruises, what ever is available to him through the company that gives the perks. At the end of the year they send him a 1099B for the value of his points. Make sense??Comment
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Depends on Many Facts
I have found a good place to start looking as how to handle a new form are pages 14 and 15 of the 1040 Instructions. These pages have a table listing the form number, the most likely locations an entry can be made and a reference to sources for more information.
Assuming this is the correct form for reporting this information, for the 1099-B one needs to look at pub 525 pages 17 & 18. Since this appears to be a prize for a self employed salesman it is reportable at the FMV of the prize subject to income tax SE tax.
If you client is not a self employed salesman, but an employee the tax treatment will depend upon whether the employer or a third party is providing the prize. If it is the employer, this is still wages and FICA and Medicare taxes should be paid on them when redeemed, see page 43 of pub 17. If the prize is from manufacturer your client's employer represents, a SPIF payment, it is other income subject to income tax but not to FICA and medicare.Comment
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