Schedule B with multiple brokered CD’s

[Artbuc]

Jurisdiction

Pennsylvania

I am going to transition from maintaining multiple (6-8) bank CD's to brokered CD's with Vanguard. Not sure if VG 1099-Int will be a lump sum or list each brokered CD. Will the IRS require me to list each brokered CD individually, just like I do now with CD's from multiple banks? Thanks.

 

[adjusterjack]

From Sehedule B:

Note: If you received a Form 1099-INT, Form 1099-OID, or substitute statement from a brokerage firm, list the firm's name as the payer and enter the total interest shown on that form.

You should ask Vanguard what their 1099-INT will look like

 

[welkin]

If the brokered CDs are all in one personal account then you will get only the total interest reported. If they are in retirement accounts, then you will get separate 1099 forms. At least that is my experience.

 

[Tax Counsel]

I am going to transition from maintaining multiple (6-8) bank CD's to brokered CD's with Vanguard. Not sure if VG 1099-Int will be a lump sum or list each brokered CD. Will the IRS require me to list each brokered CD individually, just like I do now with CD's from multiple banks? Thanks.

Vanguard typically sends extensive information about reporting interest income. If there is just one 1099 for all CD's and the 1099 indicates that it reported the interest to the IRS as a single amount of interest then you need only list that total. If it gives you a separate 1099-INT for each, then report each separately. Even if it all comes in one big package of information, look carefully to see if it is reporting multiple 1099s or just the single total interest amount. If you use tax prep software like Turbo Tax you probably can have the program download your Vanguard 1099 information and it will put everything in the right place for you. It depends on what software you are using.

 

[Artbuc]

Thx to all…great info. I just use irs fillable firms.