Capital gains tax

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brendagamm
brendagamm Member Posts: 1 Newcomer
edited January 15 in Filing my taxes

Do I have to pay capital gains tax on a withdrawal from my 403B at age 60? Will the investment company send me a form telling me how much was capital gains?

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  • AlexO
    AlexO FreeTaxUSA Agent Posts: 74
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    Hello, bredagamm!

    That is a great question. Withdrawals from retirement accounts are not taxed as capital gains/losses. Instead, it is taxed as ordinary income. The custodian of your retirement account will send you a Form 1099-R to report your withdrawal when you file your tax return.