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-   -   Taxes withheld when I sold my stocks (https://www.askmehelpdesk.com/showthread.php?t=536904)

  • Dec 22, 2010, 11:05 AM
    gnareshca
    Taxes withheld when I sold my stocks
    Dear Tax expert,

    I am in India during the tax year 2010, I do not have SSN and ITIN, In the month of march 2010 I sold Adobe shares 61 quantity @35.10 total sale proceeds $2141.10, but the stock broker transferred only $1512.21, my question is rest of the amount $628.89 total amount is with held by IRS? Is this compensation Income? Or Is this backup withholding @28%??
    Please help In this regard..
  • Dec 22, 2010, 12:04 PM
    Marcejen

    Your broker thinks that you are in the 28% bracket. He will issue a 1099-div. He will send you a copy and one to the IRS> Now not having a TIN or a SS is a small challenge.
  • Dec 22, 2010, 01:32 PM
    ebaines

    Actually the broker will send a 1099-B (not a 1099-Div) to document the sale of the stock and the amount withheld for taxes. You use this information in filling out a tax return to get yor refund from the IRS. And as discussed in the other thread, you will need to get an ITIN in order to file a tax return. See:
    https://www.askmehelpdesk.com/taxes/...me-536924.html
  • Dec 22, 2010, 02:17 PM
    Marcejen

    You are right. Time for vacation before the tax season.

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