Turbo tax bond question

[lawman]

If I have a Schwab account with 20 taxable bonds will my Schwab consolidated tax statement give a total amount of interest I received for tax purposes or will I need to account for each bond in some way ?

 

[Dash man]

If I have a Schwab account with 20 taxable bonds will my Schwab consolidated tax statement give a total amount of interest I received for tax purposes or will I need to account for each bond in some way ?

You’ll get a 1099INT showing all your interest for the tax year, for each account.

 

[lawman]

You’ll get a 1099INT showing all your interest for the tax year, for each account.

Great thanks....So as long as I don't sell any it will not complicate my tax return...Right

 

[Dash man]

Great thanks....So as long as I don't sell any it will not complicate my tax return...Right

If you don’t sell any, you won’t get a 1099B showing the sale proceeds and cost basis for the bond, that would need to be reported.

Not sure what you mean by “won’t complicate,” because any higher income has the potential to trigger other hidden taxes such as taxing social security, NIIT, IRMAA, ACA subsidy reductions, capital gain taxes and others.

 

[lawman]

If you don’t sell any, you won’t get a 1099B showing the sale proceeds and cost basis for the bond, that would need to be reported.

Not sure what you mean by “won’t complicate,” because any higher income has the potential to trigger other hidden taxes such as taxing social security, NIIT, IRMAA, ACA subsidy reductions, capital gain taxes and others.

Gotcha! thx..