Any TAX Experts out there?

[JanetRose]

Just talked to H&R about my taxes and the H&R representative wants a copy of my 1099-R since I had withdrawn money from my Vanguard brokerage account.

I called Vanguard and they told me no 1099-R is issued for withdrawals from a brokerage account.

Does this sound familiar to anyone?

Thank you!

 

[Crescent_Lake]

Maybe you'll be more likely to get some help if you change your title to Tax EXPERTS instead of Tax EXPORTS?

 

[Dan Murphy]

A 1099R is not produced for a withdrawal from a brokerage account. A 1099R is for a withdrawal from a retirement account such as a 401(k), IRA, SEP, 457, 403(b), pension, etc. A 1099B would be for brokerage account.

 

[Dan Murphy]

A 1099R is not produced for a withdrawal from a brokerage account. A 1099R is for a withdrawal from a retirement account such as a 401(k), IRA, SEP, 457, 403(b), pension, etc. A 1099B would be for brokerage account.

Adding that if your tax person at H&R Block is telling you to get that form for a brokerage withdrawal, I would quickly look for another firm to do your tax return. JMO

 

[luvnwdwgal]

H&R Block is terrible!

 

[Starport Seven-Five]

Adding that if your tax person at H&R Block is telling you to get that form for a brokerage withdrawal, I would quickly look for another firm to do your tax return. JMO

While this is true, we should also consider the option that the OP gave the tax preparer bad information which led to the request.

 

[Dan Murphy]

While this is true, we should also consider the option that the OP gave the tax preparer bad information which led to the request.

True

 

[tvguy]

Adding that if your tax person at H&R Block is telling you to get that form for a brokerage withdrawal, I would quickly look for another firm to do your tax return. JMO

My mom used them one year, and preparer had NO clue about how to deal with an annuity she had that came due. They said she owed a lot of tax, and she called her Financial Planner to liquidate another investment to pay the tax and he pointed out the preparer was figuring the tax on not just the increase in value, but on the actual amount of money she paid for the account. She called H & R Block and they escalated her to a CPA in their office, who straightened it out, and filed all the revised tax forms for free.

 

[Rex1993]

Dan Murphy is correct. Taking money out of a taxable brokerage account does not trigger a 1099. 1099s for those accounts are to report sales, dividends, interest, etc. H&R block has pretty much no standards for the person preparing your taxes. They could be a high school dropout who took Block's online "preparer course." Honestly if your taxes are simple enough that H&R block could competently do them, just do them yourself. You are getting pretty much zero value out of the high fees you pay. If you feel your taxes are too complicated, find a good CPA, EA or tax attorney.

 

[tony67]

H&R Block is terrible!

H&R block has pretty much no standards for the person preparing your taxes. They could be a high school dropout who took Block's online "preparer course."

Yeah - no idea why anyone uses them. They just use the same software they sell to consumers for the most part. Buy the software and do it your self OR better yet get a real accountant to do it.

Its not that expensive and they find things you would never think of. I did my brothers taxes for many years, but it got to the point where just did not want to deal with it. Sent him to a local account who was happy to get the business and found him all sort of stuff I did not know. I doubt HR Block will do that for you.

 

[_19disnA]

Any investment I have ever owned/sold always provided me the appropriate forms I needed to prepare my taxes. They do this for EVERY client, so there should be no need for you to contact them get the documents. If the financial institution said there isn't one, would be good enough for me. Every existing financial firm knows how to handle these.

 

[rwdavis2]

I’m no expert, but if this account is not a retirement account then you don’t get a 1099. If it was a withdrawal from an IRA then you triggered a taxable event and should get a 1099.

I would just log onto your account and look for any issued tax forms.

 

[georgina]

I’m no expert, but if this account is not a retirement account then you don’t get a 1099. If it was a withdrawal from an IRA then you triggered a taxable event and should get a 1099.

I would just log onto your account and look for any issued tax forms.

Not necessarily true. There are many types of 1099's. We have both retirement and non-retirement Vanguard accounts. We get a 1099-Div for the non-retirement dividends, and a 1099-B for sales, and a 1099-R for retirement accounts. Depending on how the OP took the money out, there could be a 1099 of some type. Vanguard is good about putting them all online as soon as they are ready.

 

[rwdavis2]

Not necessarily true. There are many types of 1099's. We have both retirement and non-retirement Vanguard accounts. We get a 1099-Div for the non-retirement dividends, and a 1099-B for sales, and a 1099-R for retirement accounts. Depending on how the OP took the money out, there could be a 1099 of some type. Vanguard is good about putting them all online as soon as they are ready.

You’re correct. We only have retirement accounts in Vanguard. You would get 1099s for dividends, capital gains, and interest.

 

[longboard55]

Thats the thing, if Vanguard needs to issue a 1099 they will have it online. If they did not issue anything there is nothing to report. They do report stock sales, so if you sold stock and made a profit, you need to note that because they might not have reported the purchase price.