topic Brokerage accounts in Get your taxes done using TurboTax

Brokerage accounts

chao34 — Wed, 05 Jun 2019 22:32:38 GMT

If I plan to withdrawal all of my funds from a brokerage account with significant profits and the brokerage firm I am using does not have the option to withhold any money for taxes. What type of penalties can I expect to pay to the IRS? Or since this is 1099-B income, this is not income that I could have projected to withhold in my W-2?

You should make an estimated payment to cover the estimat...

Critter — Wed, 05 Jun 2019 22:32:39 GMT

You should make an estimated payment to cover the estimated taxes in the quarter you liquidate the stock and realize the gain.

What are estimated taxes?

https://ttlc.intuit.com/replies/3301588

Do I need to make estimated tax payments to the IRS?

https://ttlc.intuit.com/replies/3301891

How do I make estimated tax payments?

https://ttlc.intuit.com/replies/3301258

Thank you, that is helpful. One follow up question though...

chao34 — Wed, 05 Jun 2019 22:32:41 GMT

Thank you, that is helpful. One follow up question though, is it fine to only pay estimated taxes for one quarter only? Or if I do it once, I have to do it for every quarter? This will just be a one time withdrawal.

One time is fine.

VolvoGirl — Wed, 05 Jun 2019 22:32:42 GMT

One time is fine.

You can pay an estimate directly on the IRS website. Be...

VolvoGirl — Wed, 05 Jun 2019 22:32:45 GMT

You can pay an estimate directly on the IRS website. Be sure to pick 2017 1040ES payment
www.irs.gov/payments

Re: Brokerage accounts

lgjggarr — Fri, 26 Mar 2021 19:34:06 GMT

My wife and I have brokerage accounts with Morgan Stanley. When I go to download the tax info from these accounts I get my withdrawal from my IRA (which I know was not required in 2020), but there are other accounts that do not download. What am I doing wrong, or what is the proper method of downloading all the information from Morgan Stanley, instead of just the IRA. Thanks for your help.

Re: Thank you, that is helpful. One follow up question though...

AkinaLO — Wed, 31 Mar 2021 17:02:48 GMT

Please make sure you have approved 3rd party authorizations with Morgan Stanley. Because Morgan Stanley will reject your request without receiving 3rd party authorizations. You can do this by visiting the Security Center in your account.