Taxes for apps like Betterment and Robinhood?

[erml1990]

Do i need to pay taxes on apps like Betterment and Robinhood?
On Betterment i made a total of about $11.00, only $.53 of that was in dividends.
On Robinhood i had a net loss of $78.14 and only had $3.83 in taxable dividends.

I know i won't receive 1099-Int or 1099-Div's for these since it was under $10. But would i need to pay anything on the $11 i made in profit on Betterment? And if so where would i report those? I only see tabs for 1099-Div and 1099-Int forms but nothing for just the 1099 form.

[PatriciaV · Accepted solution]

Yes, you must report all your taxable income, even if you do not receive Forms 1099-INT, 1099-DIV, or 1099-B.

The easiest way to find any section of TurboTax is to use the Search box at the top right side of the TurboTax header. Click on the magnifying glass, type in the number of the form you need, hit Enter, and click the "jump to" link to go directly to beginning of that topic.

Or go to My Account >> Tools >> Topic Search. Type in "1099", then click the form name in the list to go directly to the start of that section.

TurboTax maybe able to import this investment information for you. When asked if you received a 1099, answer "yes" so that you are presented with the list of institutions available for download. (Both Betterment and Robinhood are on the list.) Choose the name you need and continue. TurboTax will confirm a successful import.

If you're unable to import the information, you may enter it manually. Simply answer as if you received a 1099.

For reference: Form 1099-INT reports Interest; Form 1099-DIV reports Dividends; Form 1099-B reports Stock Transactions