☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 1
posted Feb 26, 2021 10:20:08 AM

I traded stocks on Robinhood in 2020. Will I have to pay taxes on capital gains even when I did not withdraw the money from Robinhood?

0 1 1047
1 Best answer
Expert Alumni
Feb 26, 2021 10:31:46 AM

Yes, when you sell stocks, if you have capital gains, you have to pay capital gain tax, even if the money is not withdrawn from your brokerage account.

 

You have to report these sales which are on forms 1099-B.

 

You can enter your form 1099-B by following these steps:

  1. In TurboTax, open your tax return
  2. Click on Federal in the left-hand column, then on Wages & Income on top of the screen
  3. Scroll down to All Income, locate the section Investment Income and click on Show more
  4. Click Start next to Stocks, Mutual Funds, Bonds, Other

1 Replies
Expert Alumni
Feb 26, 2021 10:31:46 AM

Yes, when you sell stocks, if you have capital gains, you have to pay capital gain tax, even if the money is not withdrawn from your brokerage account.

 

You have to report these sales which are on forms 1099-B.

 

You can enter your form 1099-B by following these steps:

  1. In TurboTax, open your tax return
  2. Click on Federal in the left-hand column, then on Wages & Income on top of the screen
  3. Scroll down to All Income, locate the section Investment Income and click on Show more
  4. Click Start next to Stocks, Mutual Funds, Bonds, Other