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Level 4

Question

1099 - B

Forum|Forum|2 years ago
March 14, 2024
1 reply
16 views

I have a 1099 -B Vanguard sold funds to collect Account Service yearly fees . The form looks like i made money when I didn't.

how can i report it so i don't pay taxes on something I didn't get?

Level 15

You should report the IRS form 1099-B. If Vanguard is reporting an IRS form 1099-B to the IRS, the IRS will be expecting you to report that income on your 2023 Federal income tax return.

The Account Service fees are investment expenses and are not deductible for tax years 2018 through 2025. Prior tax law allowed you to report these expenses as miscellaneous itemized deductions subject to 2% of your adjusted gross income.

Some states still allow that deduction. If your state will allow that deduction, enter the fees under Other Investment Expenses under Retirement and Investments and Deductions and Credits on the Federal portion of TurboTax Online. The expenses will flow to the state income tax return.

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Level 4

Thanks for getting back to me ..

So other words it looks like i made the money instead of losing the money?

Nothing in the 1099 B to report the loss?

Level 15

That's correct.

As JamesG1 explains above, you would've been able to deduct the fees on your federal return under prior tax law, but you can't now.

The 1099-B income is considered taxable, and the fees can't be deducted on your federal return.