1099 Forms › Best 1099-B Software for Brokerages
At a Glance
What is the Best 1099-B Software for Brokerages?
Brokerages report every sale of securities on Form 1099-B, including stocks, bonds, mutual funds, and other investments. The best 1099-B software handles cost basis reporting, wash sale adjustments, short-term vs long-term classification, and integrates with 1099-DIV for consolidated statements.
BoomTax is trusted by brokerages and investment firms for 1099-B compliance. Our platform handles the complexity of securities transaction reporting with features designed for financial services.
Why Brokerages Choose BoomTax
- Cost Basis Reporting: Full support for cost basis regulations and covered securities.
- Wash Sale Tracking: Report wash sale loss disallowed amounts.
- Transaction Categories: Short-term, long-term, covered, and noncovered designations.
- High-Volume Processing: Handle millions of transactions efficiently.
- SOC 2 Certified: Enterprise security for financial services.
- Consolidated Statements: Combine with 1099-DIV and 1099-INT.
1099-B Reporting Requirements
Key Fields
- Box 1d: Proceeds from transaction
- Box 1e: Cost or other basis
- Box 1f: Accrued market discount
- Box 1g: Wash sale loss disallowed
Classifications
- Short-term: Held 1 year or less
- Long-term: Held more than 1 year
- Covered: Basis reported to IRS
- Noncovered: Basis not reported
Cost Basis Compliance
- Covered Securities: Stocks acquired after 2011, mutual funds after 2012.
- Basis Methods: Support for FIFO, specific identification, and average cost.
- Adjustments: Handle corporate actions, splits, mergers, and spinoffs.
- Box 12: Report if basis was reported to IRS (covered vs noncovered).
Consolidated Statement Delivery
- 1099-B + 1099-DIV: Combine proceeds with dividend income.
- 1099-INT: Add interest income to client statements.
- Summary Pages: Year-end summaries for tax preparation.
- Online Access: Client portal access to tax documents.
All Features Included
Purchasing any BoomTax package will give you everything you need to complete your filing.
This includes:
- Federal E-File
- State E-File (ACA and 1099 CF/SF)
- Recipient Copy Download as PDF
- Official IRS Copy Download as PDF
- Unlimited Corrections
Bulk Import
Import many companies in one spreadsheet to simplify data input.
Data Validation
We validate your data against hundreds of IRS rules.
Hands Off E-File
No IRS registration or testing required.
Free Corrections
Make as many changes as needed for free.
How Brokerages File with BoomTax
Import Your Data
You can import your data as Excel, XML, or use files from popular payroll providers like QuickBooks, UKG, ADP, and many more.
Step-By-Step Wizard
We walk you through the process with no complicated jargon. You can also live chat with a real person as you work on your filing for hands-on help.
E-File & Mail Employee Copies
Once your data is loaded, you can e-file and distribute employee copies in minutes.
Frequently Asked Questions
Dedicated to simplifying complex IRS regulations for employers, with expertise in ACA, 1099, and W-2 compliance.
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BoomTax and its affiliates do not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors prior to engaging in any transaction.