Stock sells under 600 profit

Forum|Forum|5 years ago
February 25, 2021
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I won’t receive a tax document from Robinhood because I made less then 600 in profit so what amount do I put down on my taxes ?

DawnC

Employee

If you sell stocks, bonds, derivatives, or other securities through a broker, you can expect to receive one or more copies of Form 1099-B in January. The $600 reporting does not apply to 1099-Bs, you should be able to find this information in your Robinhood account. If you sold an investment, you will need to report it as an investment sale. Even if you did not receive a 1099-B, you can still report the sales. The information (you will find this on your 1099-B) you will need to report the sales are:

A brief description of the item sold, such as “100 shares of XYZ Co"
The date you bought or acquired it
The date you sold it
How much it cost you to acquire it - cost basis
How much you received for it when you sold it - proceeds
Whether your broker withheld any federal tax

To report your sales in TurboTax, please see Where do I enter a 1099-B?. When asked if you received a 1099-B, you can answer NO and enter the details of the sale(s). However, entering it from the 1099-B will be more efficient.

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