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Returning Member

How to properly report cashed-out mutual funds?

Hi, I recently cashed out a mutual fund, a Roth-IRA (early), and a Life-Insurance with a dollar value. Can anyone tell me what forms I should file to report the cash-out income and tax-withholding on those funds? I am doing an update for 2018, so I will also need to mention what my tax return was last year. Does anyone know where I can do that on my taxes and if Turbo Tax (which version?) will provide me with the right options/questions to properly do this? I looked up a list of mutal fund forms, but none of them seems to cover this scenario. Thank you in advance for your help!

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Expert Alumni

How to properly report cashed-out mutual funds?

For your mutual funds, you will get a 1099-B form reporting the sale, unless they were in a tax deferred account like an IRA or 401(K). If they were in a tax deferred account, you will receive a 1099-R form. 


You will get a 1099-R form for the early distribution from the Roth IRA.


You may not get any tax forms for the life insurance, it depends on the type of insurance policy it was. 


If it is a demutualized insurance company, you could get a 1099-B form, showing that sold some stock. Likewise you might get a 1099-INT or 1099-DIV. If you don't get anything, you may want to contact the insurance company and see if they will be issuing any tax forms to you.


If you only get 1099-R, 1099-INT and /or 1099-DIV you can use the Deluxe version.


If you get a 1099-B form, you will need Premier.


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