Money Market Gain?

[CheetoMcNeeto]

What is the name of your state (only U.S. law)? North Carolina

I had around $10k in a money market account. This money market was created for me when I was a child, so it was in my dad and I's name. In early 2012, my dad's name was taken off of it. I then took the money out of the account and put most of it in various stocks through a financial consultant and a small portion I used to buy silver coins. That money market account grew considerably in the last 25 years.

My question is this... For tax purposes, how do I report this as income? I usually use TurboTax and do my taxes myself. But I'm confused as to how to report this money market account. Further, I have yet to get a statement telling me how much gain I had as a result of pulling that money out of the account. Should I be expecting one?

 

[anteater]

A money market account produces interest that would be taxed annually. The financial institution would have reported the interest on Form 1099-INT.

Depending upon what was done when in 2012, your Dad may have received the 1099.

 

[LdiJ]

A money market account produces interest that would be taxed annually. The financial institution would have reported the interest on Form 1099-INT.

Depending upon what was done when in 2012, your Dad may have received the 1099.

Assuming that OP is correct that it was a money market account I agree. Somebody has been paying the taxes annually on the interest income...most likely the OP's dad...and quite likely that is what happened in 2012 as well.