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Help Center  >  Pros  >  Preparing Returns

Professional Editions – Stock Assistant

Stock Assistant is a valuable tool to provide a quick entry (spreadsheet style) mechanism for capital gain transactions reported on Form 1099-B. You may quickly add new stock transactions by selecting the bottom table row. A new entry will be automatically created, and you may enter all the necessary details. 

Follow the steps below to locate and use Stock Assistant in the TaxAct Professional Editions program:

  1. From within the TaxAct return, click Tools and select Stock Assistant.
  2. The Stock Assistant opens in a new window.
  3. Make your entries and click Continue.  

The entries are carried to the Income Dashboard on the topic Stocks, Cryptocurrency & Other Investments.

Data Entry Fields

  • Description: A description of the stock transaction.
  • Owner: The taxpayer that owns the transaction.
  • Reporting Category: Indicates how the transaction was reported to the taxpayer. The reporting category selection will also determine the holding period for each transaction. Short-term transactions will be indicated with reporting categories A, B or C, while long-term transactions will be indicated with reporting categories D, E or F.
  • Date Acquired: The date that the stock was purchased.
  • Cost or Basis: The amount of money paid for the stock. This amount should be the total cost, not a price per share.
  • Date Sold: The date that the stock was sold.
  • Sales Proceeds: The amount of money received when the stock was sold. This amount should be the total amount, not an amount per share.
  • Additional Info: Enter additional information related to wash sale transactions, collectibles, ordinary gains and losses, and other adjustment code and amounts that may apply. See the Form 8949 Instructions for the list of adjustment codes. 
    • Gain/Loss: The total amount of gain/loss after any applicable adjustments have been taken into account.
    • Review: This link will open up the TaxAct Q&A for the current selection.
    • Delete: This link will delete all data and forms for all the transactions that are checked.
    • Change Owner: This link will change the owner for all the transactions that are checked.
    • Change Reporting Category: This link will change the reporting category for all the transactions that are checked.