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I sold some stocks and used the funds to invest in a Roth IRA and some mutual funds. Do I have to pay taxes on these funds that were rolled into other investments?

Forum|Forum|7 years ago
June 6, 2019
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Best answer by DavidD66

You have to report the sale of the investments that you sold. If the net result was a gain, then YES, you have to pay capital gains tax. If it is a net loss, you can use up to $3,000 to offset ordinary income, and carry over any remaining gain to offset future capital gains and/or reduce up to $3,000 per year against ordinary income.

Your broker/dealer where you sold the stock is required to send you a Form 1099-B. Form 1099-B is required to be mailed to you on or before February 15. When you receive that form, enter it in TurboTax. The interview will walk you through it.

D

DavidD66Answer

You have to report the sale of the investments that you sold. If the net result was a gain, then YES, you have to pay capital gains tax. If it is a net loss, you can use up to $3,000 to offset ordinary income, and carry over any remaining gain to offset future capital gains and/or reduce up to $3,000 per year against ordinary income.

Your broker/dealer where you sold the stock is required to send you a Form 1099-B. Form 1099-B is required to be mailed to you on or before February 15. When you receive that form, enter it in TurboTax. The interview will walk you through it.

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