YouTube Video Summary: Filing Stock Income Tax with TurboTax (2025 Filing for 2024 Taxes)
This video tutorial guides users through filing stock income tax using the 1099 B form with TurboTax for the 2025 tax season (reporting 2024 income). It's designed for individuals who have sold stocks or had investment transactions and need to report gains and losses to the IRS.
Main Points:
The tutorial walks through the process step-by-step:
Accessing TurboTax:
- Navigate to the official TurboTax website.
- Sign in using existing account credentials. New users will need to create an account.
Selecting the Correct Tax Year:
- On the TurboTax homepage, hover over the year options and select 2024 taxes. This ensures you are working with the correct tax filing period.
Navigating to Income Input:
- On the dashboard, locate and click on the "Federal" section.
- Within the Federal section, click on "Wages and Income".
Locating Investment Income:
- Scroll through the "Wages and Income" options until you find "Investments and Savings".
- This category encompasses stocks, bonds, and other financial investment activities.
Setting Up the 1099 B Form:
- Select the option that includes "Stocks, cryptocurrency, mutual funds, bonds, other 1099 B". This section is specifically for reporting gains or losses from investment transactions.
- For first-time users, TurboTax may ask introductory setup or verification questions.
Key Takeaways & Actionable Insights:
- Accuracy is Crucial: Ensure you have your 1099 B form readily available to input transaction details accurately.
- Correct Tax Year: Always verify you are filing for the correct tax year (2024 income for the 2025 filing period in this case).
- TurboTax Simplification: The video aims to simplify the process of filing stock income tax through the TurboTax platform.
The video concludes by emphasizing the importance of accurate reporting and wishing viewers good luck with their taxes.