1099 Forms: Tax Season FAQs

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Many people have a lot of questions about 1099 forms when we get to tax season each year. Tom answers some frequently asked 1099 form questions, and shares the number one thing most people forget to include in their cost basis each year.

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1099 Forms: Tax Season FAQs

  1. 1. Mullooly Asset Management Podcast February 27, 2013Mullooly Asset Management February 2013
  2. 2. Investment Related 1099 FormsUsed to be out by January 31stNow being sent the end of FebruaryNo 1099-INT if less than $10 interestNo 1099-B if you did not SELL a security Mullooly Asset Management February 2013
  3. 3. 1099 OID 1099 DIVOriginal Issue Discount For DividendsTaxed each year, even Shows dividends earned though not received Shows capital gain distributions Mullooly Asset Management February 2013
  4. 4. Gross ProceedsSummary of gains/lossesFirst time this information appears Mullooly Asset Management February 2013
  5. 5. When Selling a Mutual FundInclude capital gains to your cost basis Mullooly Asset Management February 2013
  6. 6. Municipal Bond InterestAppears, but reported as non-taxable Mullooly Asset Management February 2013
  7. 7. None of the securities mentioned in this (or any) podcast orvideo represent past specific recommendations of MulloolyAsset Management.This video is NOT a recommendation to buy or sell any ofthe securities mentioned here.If you’re relying on a podcast for investment advice, you arelikely making a huge mistake.We strongly urge our listeners to consult with theirinvestment advisor before they make a decision to buy orsell any investment. Mullooly Asset Management February 2013
  8. 8. Mullooly Asset Management, LLC support (at) mullooly (dot) net 732-223-9000 www.mullooly.net Mullooly Asset Management February 2013

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