Pacun Posted April 9, 2019 Report Share Posted April 9, 2019 Client rolled over IRA in 2017 and now it is on the stock market. I have the Gain/Loss Report from Charles Schwab with short term gains and long term gains. It is my understanding that IRAS don't have to report gains but at this point I need to double check. Quote Link to comment Share on other sites More sharing options...
Hahn1040 Posted April 10, 2019 Report Share Posted April 10, 2019 this is an IRA nothing taxable or reportable until distributions are taken. The statement should just be an annual report to show the activity and the value. IF there is a 1099int, 1099div or 1099B, then this is not set up as an IRA. Either they are mistaken about the kind of account it is OR it was done wrong. The most confusing IRA reporting are the K-1s when they have invested the IRA in one of those PTPs or other partnerships. At first, the K-1 looks just like the ones that must be reported However, they do say IRA in I1 and I2. 4 Quote Link to comment Share on other sites More sharing options...
Pacun Posted April 10, 2019 Author Report Share Posted April 10, 2019 Thank you for the extra mile, I have both, K1s and Gain/Loss Report from Charles Schwab... and I have regular 1099-div and 1099-in. So out of the three sets of documents, I only have to report ONLY the 1099-div and 1099-Int and NOT the K-1 and Gain/Loss because both are IRAs. Correct? Quote Link to comment Share on other sites More sharing options...
jklcpa Posted April 10, 2019 Report Share Posted April 10, 2019 Yes, that is correct. 1 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.