What is tax Form 480.6A?
Form 480.6A reports any taxable dividends and/or gross proceeds from realized capital gains or losses in your taxable investment account. This form will also report any interest paid out in your cash account.
Note: You should download the form directly from your brokerage, since the SURI file only contains the first page. The summary of gains and losses is usually towards the end of the document.
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Navigate to "Forms" under the Withholding Statements section on the left menu.
- Select Form 480.6A and Add 480.6A for each informative you received. Note: Fill the 480.6A exactly like the form you received (only first page).
- Navigate to Schedule D on the left side of the menu.
- Part I: Short-Term Capital Assets - Fill the line for each 480.6a form you received.
- Example:
- [Description: ROBINHOOD ACCOUNT ##]
- [(A) Date Acquired: 01/01/2022]
- [(B) Date Sold: 12/31/2022]
- [(C) Sale Price: 26,345] - Note: This value is given in your Summary of Realized Gains and Losses in Form 480.6A.
- [(D) Adjusted Basis: 27,000] - Note: Calculate by SALE minus NET GAIN/LOSS.
- [(E) Selling Expenses: 0] - Note: this is usually '0' unless it applies to you.
- [(F) Net Gain/Loss: -655] Note: Automatically calculated: Sale(C) minus Adjusted Basis(D). Should match your Net Gain or Loss on your 480.6A]
| Description | Date Acquired | Date Sold | Sale Price | Adjusted Basis | Selling Expenses | Gain or Loss |
| ROBINHOOD ACCOUNT #9999999 | 1/01/20XX | 12/31/20XX | $10,000 | $12,000 | 0 | $-2,000 |
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- Part II: Long-Term Capital Assets - Fill the line for each 480.6a form you received.
- Same as Part I.
- Make sure your Date Acquired and Date Sold are more than 1 year apart.
- Part II: Long-Term Capital Assets - Fill the line for each 480.6a form you received.
- Maximum Capital Loss Deduction of $1,000 per tax year
- Capital Losses are automatically deducted with a maximum deduction of $1,000 per year.
- Losses over $1,000 can be carried over to the next year. You can continue carryover losses for 7 years.
- You can deduct your previous year's losses by going to Schedule D > Page 2 > Part VI
Disclaimer: This article covers common tax scenarios. If your tax situation is more complex you should advise a tax professional.