Last year I only had loss using Robinhood and according to the Robinhood 1099 form none of it was reported. Do I still have to report my stock activities to TurboTax ?

Forum|Forum|4 years ago
April 12, 2022
2 replies
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I'm trying to save money on my taxes because every year I owe federally. (This is something I've been working on with the accountant at my employer) If I go ahead and file my 1099 securities form from Robinhood it will increase my tax cost because I have to use TurboTax premier. I don't want to pay anymore this year than I have to.
If possible I'd like to avoid entering my 1099 from Robinhood because the only thing on it are unreported losses. Am I right about not needing to submit that?

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jerdgandaraAuthor

**** EDIT: the loss was reported. However I only had loss. It was like -$38

MinhT1

Your still have report these transactions. The loss of $38 is deductible from your income.

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amontoya7

By reporting, do you mean filing an amendment 1040-X and sending them the 1099 transactions?

is it typically pretty easy to fix? This happened to me this year.

MinhT1

No.

You need to report your stock transactions. They are reported to the IRS, just the cost basis is not reported to the IRS.

If you do not report these sales, as the IRS does not have the cost basis, they will assume that the stock basis is 0 and you will receive a notice taxing you on the whole proceeds.

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