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jimtaube
New Member

I have a question on Turbo tax version, paying RDM, and capital gains or loss on stock sold in my IRA

I have been using Deluxe Fed. & State Turbo Tax in the past years. .In 2018 when I file my 2017 taxes will I still be using  Deluxe Fed. & State Turbo Tax or will I have to use a different version since I am paying my share of RDM owed? I sold some stocks in my Fidelity IRA Acct.to pay my RDM. Who will send me a statement of how much money I owe on my RDM? Also, will I have to claim a Lost or Gain on the stock in my IRA to pay my RDM?

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Accepted Solutions
Zbucklyo
Level 9

I have a question on Turbo tax version, paying RDM, and capital gains or loss on stock sold in my IRA

I assume you mean a RMD (required minimum distribution).  You will receive a 1099-R from the institution where your retirement account is held detailing the transaction.  Enter the information on the 1099-R when you file your taxes next year.  You can use any version of the downloaded software to enter this information, assuming Turbotax doesn't change the software capabilities next year.


You do not pay tax on gains and losses within a retirement account, but pay taxes on the amount withdrawn.

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2 Replies
Zbucklyo
Level 9

I have a question on Turbo tax version, paying RDM, and capital gains or loss on stock sold in my IRA

I assume you mean a RMD (required minimum distribution).  You will receive a 1099-R from the institution where your retirement account is held detailing the transaction.  Enter the information on the 1099-R when you file your taxes next year.  You can use any version of the downloaded software to enter this information, assuming Turbotax doesn't change the software capabilities next year.


You do not pay tax on gains and losses within a retirement account, but pay taxes on the amount withdrawn.

Critter
Level 15

I have a question on Turbo tax version, paying RDM, and capital gains or loss on stock sold in my IRA

Sales inside an IRA are not reported on an income tax return ... all you will get from the broker is a form 1099-R showing the IRA distribution to report on the tax return. 

And if you are using the downloaded version of the program you can use Basic if you don't have to file a state return and Deluxe if you do. 

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