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If I have a 1099-B but paid taxes on the money ever year when I recieved it as stock from a 1099- Patronage Div do I still need to pay taxes on it when I cash it out?

1 reply
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I have a 1099-B this year. But every year I paid taxes on the money I received reported on 1099-DIV and 1099-PATR. Do I still owe taxes on the money reported on 2018 1099-B?

TurboTax Live Deluxe Online

Level 11

Yes, the 1099-B form will be reporting the gains and losses that occurred at the time the stocks were sold and that information does have to be reported on your tax return. Even though you were already taxed on the dividends received, you now will be taxed on the net of any gains and losses that occurred on the sale. For long term capital gains (when the stocks were held more than one year), the tax rate is typically at a lower rate than the rest of your income will be taxed upon.

Below are steps for where to enter the 1099-B form into TurboTax:

https://ttlc.intuit.com/replies/4789365

Level 11

Yes, the 1099-B form will be reporting the gains and losses that occurred at the time the stocks were sold and that information does have to be reported on your tax return. Even though you were already taxed on the dividends received, you now will be taxed on the net of any gains and losses that occurred on the sale. For long term capital gains (when the stocks were held more than one year), the tax rate is typically at a lower rate than the rest of your income will be taxed upon.

Below are steps for where to enter the 1099-B form into TurboTax:

https://ttlc.intuit.com/replies/4789365