topic Can anyone tell me where I can have my 2020 brokerage and IRA account options trades looked at to see where I am as far as taxes? Does Turbotax have someone? in Retirement tax questions

Can anyone tell me where I can have my 2020 brokerage and IRA account options trades looked at to see where I am as far as taxes? Does Turbotax have someone?

mikediaz1966 — Mon, 28 Sep 2020 21:00:41 GMT

Re: Can anyone tell me where I can have my 2020 brokerage and IRA account options trades looked at to see where I am as far as taxes? Does Turbotax have someone?

xmasbaby0 — Mon, 28 Sep 2020 23:12:41 GMT

No, that is not a service that TurboTax provides. Sorry.

Re: Can anyone tell me where I can have my 2020 brokerage and IRA account options trades looked at to see where I am as far as taxes? Does Turbotax have someone?

fanfare — Tue, 29 Sep 2020 01:15:10 GMT

Disregard any activity i.e. option trades in an IRA. You will not report that.

If you have a profit under six figures in an individual regular brokerage account, figure your tax rate will be 22%.

You will be in the ball park

Re: Can anyone tell me where I can have my 2020 brokerage and IRA account options trades looked at to see where I am as far as taxes? Does Turbotax have someone?

Opus 17 — Tue, 29 Sep 2020 13:24:01 GMT

Ignore the IRA. Nothing happens tax-wise with an IRA unless you withdraw the money, then it is taxed at your regular income tax rate.

For a regular brokerage account, you have two sources of income. (1) interest and dividends. They will be taxed as ordinary income. Only your broker can tell you how much was paid so far this year, and I have no idea if they will be able to estimate the additional amounts that will be paid between now and Dec 31. (2) capital gains and losses. If you sell individual stocks and bonds, you either have a gain or loss when you sell the stock, only your broker can tell you what your gains are so far. If you hold mutual funds, those funds may buy and sell stocks that will create gains for the shareholders of the funds. Those gains are usually only realized at the end of the year, so there's no good way now to estimate what they will be.

Most of your brokerage income will be taxed at your regular income tax rate which might be 15%, 22% or 24%. If some of the income is capital gains, it might be taxed as income (short term gains) or as long term capital gains at 0% or 15%.