Reporting of Investments - After filing of Taxes

[WHEREAMI]

First year I've filed taxes in 40 years (my wife always did the taxes before) - so newbie question.

I filed my federal and state taxes yesterday using TurboTax Deluxe.  I didn't think I had to file a Schedule D since I hadn't sold off any assets from my 401 and IRA accounts in 2023.   But I guess I need to report them regardless.  How do I file an amended tax return for these accounts using TurboTax?  Is there anything special I need to do or know before doing so?  And is it safe to say that it won't effect my reported taxes since I didn't realize any true income during the year - just capital gains.

[VolvoGirl · Accepted solution]

You don't report sales, dividends, capital gains or any transactions inside of 401k or IRA accounts.  Only distributions or rollovers.  Did you get a 1099B for something?  

[WHEREAMI]

No.  Didn't get anything for them.  And when I logged into my investment portfolio before filing, I didn't find any forms.  So I guess your answer confirms what I originally thought.  Thanks for the quick response.

[fanfare]

File Schedule D when you filed Schedule D last year with carryforward losses to this year,

otherwise you will lose them

@WHEREAMI 

[WHEREAMI]

We filed a Schedule D last year after we sold the house in 2022.   The funds from the sale are sitting in a bank mutual fund.  So don't have any other capital gains/losses in 2023 except for gains on an IRA and a 401.   

[VolvoGirl]

Don't you have a 1099Div for the bank mutual fund account?  That might have capital gains on it in box 2a.  But if that is the only capital gains you had last year it will show up on 1040 line 7 but you won't need schedule D.  

[WHEREAMI]

We did but the interest on the mutual and other savings accounts were below the reporting threshold.