I bought Google, Tesla, & some other fsmous stocks for total $370 in various times in 2019, & sold all of them for total $440 in February 2020. This makes $70 profit as short term gain.

I am using M1Finance as my tax broker, & Turbo Tax FreeFile edition for 2020 tax return.

M1 gave a 1099 Composite, with all 1099 forms as 0.00 value. Line 1a is 0.00 Line 2 is 0.00 All the way all listed lines or boxes in 1099 are 0.00.

Next page Transactions Summary correctly says Cost Base $370, Sold at $440, Net Gain $70.

Is their 1099 wrong because of 0.00? Should not it list $70 somewhere as profit to me? If the 1099 is correct, then should I just report $70 as income, because its going to get taxed as normal income?

A partially relevant answer [1] says ignore all 0.00 1099 form if no transactions occurred. In my scenario, transactions occurred.

Edit: Screenshot with personal info redacted:

Composite 1099:

Summary Page:

01: Answer!

  • There are multiple sub-parts on the 1099 - make sure you watch for 1099-DIV, 1099-B, (1099-INT) - are they all separately zero? In other words, the first entry is not the total...
    – Aganju
    Commented Feb 9, 2021 at 1:37
  • @Aganju Thanks, I have added screenshots, yes, DIV INT MISC B all show zeroes, but summary page shows profit.
    – DavChana
    Commented Feb 9, 2021 at 2:14
  • 1
    FYI: OMB numbers are not personal, and are the same for everybody including me: 1099-DIV is 1545-0110, -INT is 1545-0112, -MISC is 1545-0115, and -B is 1545-0715. Commented Feb 10, 2021 at 5:54

3 Answers 3


If you check the overview page, there are four blocks, for 1099-INT, 1099-DIV, 1099-MISC, and 1099-B. Three of them have all form-'boxes' listed as 0 (zero), but 1099-MISC (bottom left) has only boxes 2, 3, 4 and 8 listed as 0 (zero). The boxes 1, 5, 6, 7, etc. are not listed in that overview, as those are listed on the next page, separately for short term and long term trades - and those are the boxes that have non-zero data.
Basically, they did not show a sum for box 1, etc., but instead a list - and they don't mention that the list comprises the content for box 1, etc.
Certainly not the most clear 1099-* form I have ever seen; they make life unnecessarily hard.

For your taxes, you have to identify which of the numbers on page 2 map to which box of the 1099-MISC (by column headers), and enter them accordingly.

You marked up the area with the 'Federal Taxes withheld' (very end right) - it is normal that they are all zero. Brokerages typically don't pay your taxes; you have to do it. Those zeros are not saying you don't owe taxes, they are saying none have been already paid.


The instructions on page 2 tell you that it's your job to correctly report your capital gains in your tax returns: "Please ... determine correct amounts to include in your return."

The Tax Withheld is zero because you didn't ask the brokerage to withhold any tax for you. That's normal.


Should not it list $70 somewhere as profit to me? If the 1099 is correct, then should I just report $70 as income, because its going to get taxed as normal income?

Your $440 sales prices, $370 purchase prices and $70 profit are listed on the Summary page in the Total Short-term section.

You must log in to answer this question.

Not the answer you're looking for? Browse other questions tagged .