Question

1099 INT, DIV, B

Forum|Forum|2 years ago
April 7, 2024
1 reply
0 views

As I understand it, interest, dividends, and sale g/(l) are not reportable for tax purposes if they are in an IRA. Some online resources say these forms aren't even issued for IRAs. However, if they are issued by your financial institution, they are not to be reported.

It would seem to me if that is correct, it would make sense that the 1099 would indicate somewhere the amounts are from an IRA.

Additionally, it would make sense TurboTax would ask if these amounts are from an IRA at some point in the income entry process.

A

AnnetteB6

The recipient's taxpayer ID number on the 1099 form will indicate whether the income is 'personal' or held in an IRA.

If it is personal income to be reported on your tax return, your Social Security number will be shown as the recipient ID number. If it is income held in an IRA, the recipient's ID number will be in the format xx-xxxxxxx and not a Social Security number.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"