topic I sold all my USAA Roth IRAs this year because all USAA investment customers had to move to Schwab. Schwab said I have a loss. where do I report this? in Investors & landlords

I sold all my USAA Roth IRAs this year because all USAA investment customers had to move to Schwab. Schwab said I have a loss. where do I report this?

flynjack — Sun, 07 Mar 2021 20:55:22 GMT

All USAA investment customers had to sell their investments and move to Charles Schwab. Schwab sent me an end of year gain/loss report and is says I have over $2k in short-term losses and over $13k in long term losses. Do I include this somewhere on my tax return?

Re: I sold all my USAA Roth IRAs this year because all USAA investment customers had to move to S...

ToddL99 — Sun, 07 Mar 2021 21:55:10 GMT

By "selling" all your USAA Roth IRAs, do you mean you withdrew them from the IRA accounts and deposited them in traditional investment accounts (non-IRA) or did you transfer the funds to Roth IRAs managed by Schwab?

Re: I sold all my USAA Roth IRAs this year because all USAA investment customers had to move to S...

flynjack — Mon, 08 Mar 2021 00:54:13 GMT

Hello Todd. The USAA Roth IRAs were Sold and the money transferred to Schwab to purchase Roth IRAs through them.

Re: I sold all my USAA Roth IRAs this year because all USAA investment customers had to move to S...

DavidD66 — Mon, 08 Mar 2021 01:16:22 GMT

A Roth IRA is an account. You can't sell the account. The investments in the account can be sold. The funds can also be taken out of the account as a distribution or rolled over to a different Roth IRA account. Unless you took action and withdrew your funds from your ROTH IRAs, they would have moved to Roth IRAs with Schwab. The investments inside the account may have been liquidated, but that would not have been a reportable or taxable transaction. If there was something to report, you would have received a Form 1099-R. If you have questions about what actually transpired, I suggest you contact USAA and/or Schwab.