I sold some stocks. Turbotax is asking for a 1099-B, but I received 1099-R

spauldg — Thu, 18 Mar 2021 14:21:20 GMT

Re: I sold some stocks. Turbotax is asking for a 1099-B, but I received 1099-R

JohnB5677 — Thu, 18 Mar 2021 14:54:38 GMT

I think I know what is going on. Did you sell stock that was inside of a retirement account?

If you sold stock in a brokerage account you would bet a 1099-B recording those stock transactions.

If you sold them in a retirement account they would not get reported as individual stock trades. In fact nothing is recorded on your tax return for those trade.

However, when you take the money out of the retirement account you will get a 1099-R to report it.

To post a 1099-R:

This is how to post a 1099-R

Login to your TurboTax Account
Click "Wages & Income" on the top
Scroll down to "IRA, 401(k), Pension Plan Withdrawals (1099-R)"
Answer "Yes" to the question "Did You Have Any of These Types of Income?"
Click "I'll Type it Myself"
Choose "Form 1099-R, Withdrawal of Money from 401(k) Retirement Plans, Pensions, IRAs, etc."
Click "Continue"
From here TurboTax will walk you through entering your Form 1099-R

Once you complete the first one you can Add Another 1099-R

The code(s) in Box 7 of your 1099-R helps identify the type of distribution you received. We use these codes and your answers to some interview questions to determine if your distribution is taxable or subject to an early withdrawal penalty.

Re: I sold some stocks. Turbotax is asking for a 1099-B, but I received 1099-R

spauldg — Sat, 20 Mar 2021 16:40:38 GMT

Thank you. I got my answer. The software should be revised to ask if the stocks that were sold were part of an IRA, instead of assuming that I had a 1099-B

topic I sold some stocks. Turbotax is asking for a 1099-B, but I received 1099-R in Retirement tax questions

I sold some stocks. Turbotax is asking for a 1099-B, but I received 1099-R

Re: I sold some stocks. Turbotax is asking for a 1099-B, but I received 1099-R

Re: I sold some stocks. Turbotax is asking for a 1099-B, but I received 1099-R