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Level 1

Where do I enter amounts received from a brokerage for opening a brokerage and IRA accounts?

Fidelity was running a promotion last year. I received $200 to transfer my IRA account and $2300 for transferring a brokerage account. I understand that these amounts are taxable as regular income. I don't know where to enter the amounts on the tax forms.

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Level 6

Where do I enter amounts received from a brokerage for opening a brokerage and IRA accounts?

You'll need to report this income as Other Reportable Income.

In TurboTax, open your return and follow these steps:

  • Click on Federal Taxes, then on Wages and Income
  • Under All Income, locate the Less Common Income section
  • Click Show more and click Start next to Miscellaneous Income at the bottom
  • On the next page, click Start next to Other Reportable Income (see attached screenshot).

1 Reply
Level 6

Where do I enter amounts received from a brokerage for opening a brokerage and IRA accounts?

You'll need to report this income as Other Reportable Income.

In TurboTax, open your return and follow these steps:

  • Click on Federal Taxes, then on Wages and Income
  • Under All Income, locate the Less Common Income section
  • Click Show more and click Start next to Miscellaneous Income at the bottom
  • On the next page, click Start next to Other Reportable Income (see attached screenshot).