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Old 02-21-2011, 03:45 PM
 
Location: Bradenton, Florida
27,236 posts, read 40,273,555 times
Reputation: 10915

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You need to ask your broker.

He is the one that deals with your account. And he is being paid to know what is going on with it.

You should give him more trust with your financials than some stranger on the Internet. I'm telling you this because while I am an honest person, you never know who you are dealing with on the Internet. That is the best advice I have for you at this time!
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Old 02-21-2011, 03:46 PM
 
12,671 posts, read 20,493,570 times
Reputation: 2618
Quote:
Originally Posted by TKramar View Post
You need to ask your broker.

You need to find out if there is a gain that you need to report. He would know.
Ok. What if there was a loss?
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Old 01-28-2018, 04:55 PM
 
2 posts, read 456 times
Reputation: 10
I printed a 1099b from Fidelity, in which I sold stock and realized a gain.....BUT I have not withdrawn any money, so why would I have to file it? I put it on the schedule D from Turbo Tax and off came $60 from my tax return? (The gain was only $250!) I will reinvest that money and my account will go up and down....I didn't think I would have to pay taxes on it until I took the money out?
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Old 01-28-2018, 05:55 PM
 
844 posts, read 360,138 times
Reputation: 875
Quote:
Originally Posted by Lag12283 View Post
I printed a 1099b from Fidelity, in which I sold stock and realized a gain.....BUT I have not withdrawn any money, so why would I have to file it? I put it on the schedule D from Turbo Tax and off came $60 from my tax return? (The gain was only $250!) I will reinvest that money and my account will go up and down....I didn't think I would have to pay taxes on it until I took the money out?
Why would you think that? You're taxed on 100% of your salary even if you don't spend it all and leave some in the checking or savings account where it's deposited.
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Old 01-29-2018, 11:23 AM
 
2 posts, read 456 times
Reputation: 10
I would think that because I have not withdrawn the money. I have money in other accounts such as my 401K that is being used to buy and sell stock....and I don't have to file 1099b's for that.
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Old 01-29-2018, 11:45 AM
 
844 posts, read 360,138 times
Reputation: 875
Quote:
Originally Posted by Lag12283 View Post
I would think that because I have not withdrawn the money. I have money in other accounts such as my 401K that is being used to buy and sell stock....and I don't have to file 1099b's for that.
is the 401(k) a pre-tax or after-tax account? What other accounts do you have where you buy and sell stock?
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Old 01-30-2018, 03:50 PM
 
Location: OH>IL>CO>CT
4,748 posts, read 7,499,898 times
Reputation: 6347
Quote:
Originally Posted by Lag12283 View Post
I would think that because I have not withdrawn the money. I have money in other accounts such as my 401K that is being used to buy and sell stock....and I don't have to file 1099b's for that.
That is because accounts like IRAs and 401Ks are treated different than most other accounts. Gains are allowed to accrue tax-free until withdrawn. (Some annuities work this way also).

Most other accounts like bank savings, CDs, stock trading, etc * result in gains that are taxed in the year earned, via 1099-INTs, 1099-DIV, 1099-R, etc.

* = (just about anything outside of an IRA or 401k (or other 403ish accounts))
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Old 01-30-2018, 03:56 PM
 
Location: 5,400 feet
2,199 posts, read 2,272,314 times
Reputation: 2840
Generally, the only time you have to file a 1099 with your tax return is if it shows taxes withheld. All the data on the 1099 has been sent to the IRS, so I'm not sure why they even need it for withheld taxes.
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