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posted Jun 4, 2019 12:46:50 PM

Do I need a 1099 for a money market withdrawal?

Taxes were only deducted for Feds not state

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1 Best answer
Level 15
Jun 4, 2019 12:46:51 PM

No. A Money market fund is like a bank account. You will get a 1099-DIV (or 1099-INT) for the interest paid. The slight chance you may get a 1099-DIV for a capital gain distribution. But you do not receive a 1099 for just taking money out, nor is money you take out reportable.

1 Replies
Level 15
Jun 4, 2019 12:46:51 PM

No. A Money market fund is like a bank account. You will get a 1099-DIV (or 1099-INT) for the interest paid. The slight chance you may get a 1099-DIV for a capital gain distribution. But you do not receive a 1099 for just taking money out, nor is money you take out reportable.