Question

How are withdrawals from brokerage accounts taxed and how do I report them in TT? Many thanks.

Forum|Forum|5 years ago
September 22, 2020
1 reply
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I had no employment income in 2019 and instead paid my expenses from a brokerage account, withdrawing a total of 100K. How are these taxed? What info about them do I need to include on my return? Do I need to report any information other than what's included on the 1099 forms I've received? Many thanks.

TurboTax Premier Online

VolvoGirl

Employee

Yes you have to enter all the 1099. Was it from personal broker accounts or from tax deferred retirement accounts like a 401K or IRA?

For personal accounts you should get a 1099B, 1099Int, and 1099Div. Maybe it will be on a consolidated 1099 statement. You have to enter all the 1099s. If you get a consolidated statement. That will have sections for 1099-Int and 1099-Div and 1099B. You need to enter each section in the right place. So read it carefully and look for headings.... 1099-INT for interest or 1099-DIV for Dividends or 1099B for sales.

For 401K, IRA or retirement accounts you will get a 1099R.

You may may be able to import all the forms. How to import your 1099

https://ttlc.intuit.com/community/entering-importing/help/how-do-i-import-my-1099/00/26254