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NateHo
New Member

reporting 1099-B loss in retirement accounts

I receive a 1099-B reporting on mutual fund investments that are part of tax sheltered 403-b.

 

Though the IRS receives the 1099-B from my financial consultant, should there be any tax implications on net profit/loss over the course of the past year?

 

As I've filled out the 1099-B section in turbo tax, the annual loss is impacting my taxes. I don't think it should

 

Any help?

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Accepted Solutions

reporting 1099-B loss in retirement accounts

If that form only reflected activity within a non retirement account it shouldn’t be entered in TurboTax. It is unusual to receive that form for a non retirement account. Maybe you should confirm with your financial person that does reflect only non taxable activity. 

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3 Replies

reporting 1099-B loss in retirement accounts

Losses or gains in a retirement account should not be reported on your return since they are non taxable events. 

NateHo
New Member

reporting 1099-B loss in retirement accounts

Thanks for your help.

 

Does that mean I should NOT report on turbotax the 1099-B that I received from my financial advisor? 

reporting 1099-B loss in retirement accounts

If that form only reflected activity within a non retirement account it shouldn’t be entered in TurboTax. It is unusual to receive that form for a non retirement account. Maybe you should confirm with your financial person that does reflect only non taxable activity. 

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