topic brokerage and self-directed retirement in Get your taxes done using TurboTax

brokerage and self-directed retirement

emerklen — Wed, 19 Feb 2025 21:55:18 GMT

What forms do I need to submit for my brokerage and self-directed retirement accounts / where and how do I do that during my turbotax process?

Re: brokerage and self-directed retirement

RobertB4444 — Wed, 19 Feb 2025 22:22:11 GMT

You don't need to submit any forms with your tax return related to income inside a self-directed IRA. If you have generated Unrelated Taxable Business Income (UBTI) then your IRA custodian must file a 990-T and pay taxes on that income. You are also responsible for reporting to your custodian actual values in your SDIRA.

Here is a good discussion on the topic.

@emerklen

Re: brokerage and self-directed retirement

emerklen — Wed, 19 Feb 2025 22:33:28 GMT

ok thank you! to clarify further, I do not pay taxes on any gains from contributions within my SDIRA, BUT do I pay taxes on gains from contributions in my self-directed brokerage account? Neither account has been withdrawn from, just contributed to.

Re: brokerage and self-directed retirement

RobertB4444 — Wed, 19 Feb 2025 22:42:57 GMT

Your brokerage account is only taxable when you sell anything. Gains inside the account aren't realized until that point. If you do sell any securities you should receive a 1099-B showing the sales and that would need to be entered into your tax return.

@emerklen