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If i withdrawed money from etrade account where do i report that

where do i apply that to on turbotax my withdrawel from etrade
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3 Replies
MinhT1
Employee Tax Expert

If i withdrawed money from etrade account where do i report that

If the E-trade account is a trading account and not a retirement account, then withdrawals from the account are not a taxable event and are not reported on your return. It is like withdrawing money from your bank account.

 

If the E-trade account is a retirement account such as an IRA, then you will receive a form 1099-R which you have to report in your tax return.

 

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If i withdrawed money from etrade account where do i report that

If you sold stocks or funds to take a withdrawal those might be taxable.  You should get a 1099B for sales unless it is in a retirement or IRA account.  Retirement withdrawals you get a 1099R.  So did you get a 1099B or 1099R?

If i withdrawed money from etrade account where do i report that

Your trading account should issue a 1099-B, and possibly a 1009-INT or 1099-DIV.  You can likely download the statement inside TurboTax in the investment income section, or download the statement from your account and type in the details manually.  

Withdrawals are not necessarily taxable, but your trading activity may have created taxable capital gains or deductible capital losses, and all that information will be on the tax statement from the broker.  

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