Question

Mutual fund Sales / transfer

Forum|Forum|6 years ago
February 23, 2020
1 reply
0 views

If we sold off our mutual funds / stocks but transferred them into a different type of account (long term growth account) Do we have to pay taxes on that even though we did not receive any money in hand?

Thanks

1099

B

Bsch4477

Employee

Yes. If the transactions were made in a non retirement account any profits are subject to tax. Even though you didn’t receive income in hand you still had income that you used for reinvestment.

T

tjurko621Author

Ok thanks but what if we rolled everything over into an Annuity for retirement? Do we still get taxed? We received a 1099-B from the broker we moved the funds from.

Thanks for your input!!