Distributions from money market fund,, is it taxable? or pretaxed?

Forum|Forum|7 years ago
June 6, 2019
2 replies
3 views

I file as single.

Best answer by Marketstar

Distributions from money market funds are taxed as interest income as in the case with a bank money market fund, or taxed as dividends in the case of a private money market fund.

For interest income, you will receive a 1099-INT, for dividends, you will receive a 1099-DIV.

If your money market account(s) are within a qualified retirement account such as an IRA, your distributions are not taxable or reportable.

(Edited 02/03/2016, 12;45 PM EDT)

SweetieJean

Alumni - Champ

Is it an IRA?

MarketstarAnswer

Level 12

Distributions from money market funds are taxed as interest income as in the case with a bank money market fund, or taxed as dividends in the case of a private money market fund.

For interest income, you will receive a 1099-INT, for dividends, you will receive a 1099-DIV.

If your money market account(s) are within a qualified retirement account such as an IRA, your distributions are not taxable or reportable.

(Edited 02/03/2016, 12;45 PM EDT)