I have mutual fund dividends and i sold a few stocks which I have less than one year. I did not cash in any of the mutual funds. How do I tally all of this on my tax form, 1040??? Do I add of all them together on sectin 2? My total is over 1500$ But individually the mutual fund income is less than 1500 and so is the stock?
So how do i file all of this?
2007-01-15 02:48:08 · 4 answers · asked by Mike R 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
The dividends go on the line of the 1040 just below the interest, line 9. If there are capital gains distributions from the mutual fund (most of the time, there are) those will go on your schedule D, line 13. Since you sold stocks, you'll be filing a schedule D this year to show any gain or loss on those sales. You'll need to know exactly when you bought them, and how much you paid for them. Since you held them less than one year, the info will go into the short term section of the schedule D. Follow the instructions for schedule D - they aren't too hard. If you use tax software, it will be easy since the software will do the calculations for you.
Good luck.
2007-01-15 02:58:20 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
in case you nevertheless owned the inventory on the top of the year, and characteristic no longer realized a benefit or loss on them at sale, they don't look taxed. same for the truly stocks in a mutual fund. yet, in case you gained dividends from the inventory, or a distribution on the mutual fund, this can be considered earnings and could be taxable.
2016-10-31 04:01:04 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Interest & dividends are reported on Sched. B / sales on Sched D
Use a tax pro - not H&R Block since they don't know what they are doing
2007-01-15 06:46:59 · answer #3 · answered by Dizney 5 · 0⤊ 0⤋
Get an accountant to help you with this. An accountant will be able to make sense of the numbers; just give them the accountant activity statements and they'll do it for you.
2007-01-15 02:54:28 · answer #4 · answered by Muga Wa Kabbz 5 · 0⤊ 0⤋