Consolidated broker statements (1040)

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Consolidated broker statements are provided by a broker and have sections for 1099-INT, 1099-OID, 1099-DIV, and 1099-B on a single statement.

In UltraTax CS, you can enter a consolidated broker tax statement by entering the entire consolidated statement together, or by entering each section of the form separately.

Enter 1099 sections separately

To enter each type of 1099 separately, use the B&D screen. Details on how to complete each type of transaction are in the articles below.

Form 1099-INT data entry

Form 1099-OID data entry

Form 1099-DIV data entry

Form 1099-B data entry

Enter consolidated 1099 as a whole

Use the Broker screen to enter all of the 1099 data together in one statement.

  1. Go to the Income input folder.
  2. Click the Broker screen.
  3. Enter the EIN, payer's name, and account number.
  4. Complete the rest of the fields on this screen as needed. If you have multiple consolidated 1099 broker statements, add a new unit for each payer.

Important! If you enter the same information in two different screens, the amounts on the return will be double. Delete any duplicate information from the other screen or skip entering the amounts on this screen.

Fields that are duplicated on other screens

Because the Broker screen is just one option for entering transactions, there are duplicate data entry fields on other screens in UltraTax CS. The tables below match the Broker screen fields to the duplicate fields. 

Interest, Dividend section

Broker field Duplicate field
Important! To avoid double entries on the return, do not enter data in both the Broker screen and the corresponding duplicate field.
Interest income B&D screen, Interest income
Dividends and distributions B&D screen, Dividend income
Record of nondividend & liquidating distributions Info screen, Record of nondividend & liquidating distributions
Foreign income/taxes from a mutual fund or other regulated investment company (RIC) B&;D screen, Foreign income/taxes from a mutual fund or other regulated investment company (RIC)
Foreign country code or possession code/name

B&D screen, Foreign country code or possession code/name

Sales Transactions section

Broker field Duplicate field
Important! To avoid double entries on the return, do not enter data in both the Broker screen and the corresponding duplicate field.
Proceeds Income folder, B&D screen, Schedule for detail (at the bottom)
Cost or other basis Income folder, B&D screen, Schedule for detail (at the bottom)
Basis other than actual cost Income folder, B&D screen, Basis other than actual cost
Net section 1256 contracts loss election Income folder, 6781 screen, Net section 1256 contracts loss election
Aggregate profit (loss) on contracts Income folder, 6781 screen, Section 1256 contracts market to market
Form 1099-B Adjustments Income folder, 6781 screen, Section 1256 market to market
Section 1256 Carryback Income folder, 6781 screen, Section 1256 market to market

Other Miscellaneous Information section

Broker field Duplicate field
Important! To avoid double entries on the return, do not enter data in both the Broker screen and the corresponding duplicate field.
Investment management/advisory fees Itemized Deductions folder, Screen A, Other expenses
Margin interest Itemized Deductions folder, Screen A, Investment interest

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