Question

When should I file my stock profit and how?

Forum|Forum|5 years ago
March 12, 2021
1 reply
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I use robin hood and I already received my tax forms I just don’t know what and where to plug in the information.

Once you sell a stock it will become a taxable event. You will get taxed on a gain, and get a deduction for a loss (with limitations).

You should have a Form 1099-B from your broker.

The income from investments on a 1099-B are posted to the Income & Expenses area of the return.

Scroll to Stocks, Mutual Funds, Bonds, Other
Answer Yes to Did you sell stocks, mutual funds, bonds, or other investments in 2020?
On the OK, what type of investments did you sell? screen, select Stock, Bonds, Mutual Funds. Then select Continue.
From here, you can import or manually enter your 1099-B.
Answer the questions about your sales. Choose to Enter sales one by one when asked.
On the Now, we'll enter one sale on your 1099-B screen, enter your info.

After entering or importing your 1099 B be sure to review the detail.

From time to time your broker does not know what your basis was (amount you paid for the investment), and it will be blank. This will result in owing excess taxes. You can be manually enter a correction.

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