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Question

Where do you enter Federal Tax withheld on a stock sale so it shows up as a credit?

Forum|Forum|6 years ago
June 6, 2019
3 replies
0 views

I had Federal Tax withheld by my broker when I sold stock abd I entered the amount on the Capital Gains/loss worksheet but it does not give me credit for it on the Federal tax paid summary

TurboTax Deluxe Windows

Employee

Did the broker really withhold taxes? That is, you're seeing amounts in Boxes 4 and 16 of the 1099-B?

Employee

Its entered on the same screen as the sale under the Investment Income section under Stocks, Mutual Funds, Bonds, Other. After entering the initial sales details, you need to click "I'll enter additional info on my own." The next screen will give you the option to enter tax withheld. If you had this information imported, then you may need to go back into it and click the edit option.

It also looks like you are using the TurboTax Deluxe desktop software - so another, possibly quicker, option would be to switch to Forms Mode and directly enter the withholding on your Form 1099-B worksheet. It is box 10a Federal tax withheld. See screenshots below.

I do not see the "add additional information" on the screen????

Go back into your program and select Personal.

Then Select Personal Income.

Select the blue box that says I'll choose what I work on.

Scroll down and select Update to the right of Stocks, Mutual Funds, Bonds, Other under the Investment Income section.

Select Edit to the right of your sale

Continue until you see your screen which should be similar to the screen below:

1099B starting screen

Select the blue box that says I'll enter additional information on my own.

You will then see the following screen:

Withholding screen

You can enter your federal withholding and your state withholding in boxes 4 and 16 as indicated above.

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2020/04/04

This is now reported under:

1. Deduction &Credits

2. Estimates and other tax paid

3. Income tax paid

4. Other Income Taxes Paid in 2019

5. Withholding not already entered on a W-2 or 1099