if I transfer smaller amounts, can I avoid this?
2007-10-11 22:42:09 · 3 answers · asked by turtle girl 7 in Business & Finance ➔ Taxes ➔ United States
NO - By cashing in mutual funds, you are forcing them to sell stock which will create capital gains of losses, plus maybe dividend payouts - that's what you ill get the 1099 for, not the whole amount you are withdrawing - just the income related items
2007-10-12 01:53:09 · answer #1 · answered by Anonymous · 1⤊ 0⤋
No, they must send a 1099 for all transfers and you must claim any resulting gains. Even if you didn't get a 1099, you'd still have to claim the gains.
2007-10-11 23:28:42 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Go to H&R Block to get your answer. Don't think you're not gonna pay for that kind of advice by asking it on yahoo answers. People go to school just to answer questions like that, and they should be compensated for helping you out.
2007-10-11 22:45:39 · answer #3 · answered by smokey virginia 3 · 0⤊ 2⤋