☰
✕
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
Returning Member
posted Apr 7, 2022 12:11:00 PM

(How) do I report sale of stock from within an Inherited IRA?

I inherited an IRA from my father when he passed away about 8 years ago.  Last year was the first time I needed to sell stock from it, to cover the minimum required distribution. 

 

Now, I'm not a finance person, so I don't know a lot about it, but I thought I would need to report capital gains/losses from the account.  I'm not sure how I should go about entering that, though, or if I even need to, given the nature of this account (Inherited IRA)?

0 2 1431
1 Best answer
Level 15
Apr 7, 2022 12:29:19 PM

You do not report capital gains or losses within an IRA. You only report distributions when you take money out of the IRA. You get a Form 1099-R for the distributions, showing the amount that you took out.

 

2 Replies
Level 15
Apr 7, 2022 12:29:19 PM

You do not report capital gains or losses within an IRA. You only report distributions when you take money out of the IRA. You get a Form 1099-R for the distributions, showing the amount that you took out.

 

Returning Member
Apr 7, 2022 12:31:21 PM

I did get a 1099-R for that account, and input everything accordingly.  Glad to hear that the gains/losses aren't taxed twice over!  Thanks for the help.