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Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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I need help filing my taxes. I filed an extension and time

Customer Question

I need help filing my taxes. I filed an extension and time is running out. I started doing them on turbo tax, but I came upon a problem. I cashed in mutual funds and I have to figure out cost-basis and dividends. Fidelity sent me pages with all this info on it and I am supposed to add those numbers and divide, and I just don't know how to do it. Can anyone help me?
Submitted: 4 years ago.
Category: Tax
Expert:  Merlo replied 4 years ago.
HelloCustomer

On the mutual funds that you sold, did you sell all of the shares in the funds or did you only sell a portion of the shares?

On the statement you received from Fidelity, there should be a section that shows where they calculated your gain or loss on these sales, based on their records of your purchases and dividends received. Do you have that information on your statement?

Customer: replied 4 years ago.
We sold only portion. If I recall, we cashed out 90%. Fidelity sent me about 20 pages with info/numbers. They didn't calculate the gains or loss. They said I had to do it because these are so old. I have the pages they sent me on pdf. They said I had to calculate it myself and that's what I don't know how to do, unfortunately. ;(
Expert:  Merlo replied 4 years ago.
Hello againCustomer

Do you not have any of your purchase records for these funds of records of dividends you received over the years?

Customer: replied 4 years ago.
They sent me each year end statement. I tried to attach a portion of the letter. graphic

graphic
Expert:  Merlo replied 4 years ago.
HelloCustomerbr />
Unfortunately those files you just tried to upload are showing up as blank pages, so I cannot view them.

When you sell shares of a mutual fund, unlike individual stocks, you are allowed to use the average price method in determining your cost. To do this you would add up the cost of each purchase you made, including dividends that were reinvested in to the fund. Once you have the total cost of all purchases, you then divide that number by the total number of shares you owned in the fund, and that will give you your average cost per share. You then multiply that cost by the number of shares you sold, and that is your cost basis.

If they sent you statements for each year, you would need to go through those statements and find the total purchases you made on each fund, add all of those costs together and then divide by the total shares you owned.

If you would like to try uploading your files again I will be happy to view them if I can, but this is how you would figure your cost of each fund.

Thank youCustomerand let me know if you have more questions.

Customer: replied 4 years ago.
"If they sent you statements for each year, you would need to go through those statements and find the total purchases you made on each fund, add all of those costs together and then divide by the total shares you owned."

That's what I don't know how to do. I have ADD and I'm not good with numbers at all. I can look at these statements all day long and not know where to start.

I can't upload all these statements because they have info that I don't want on the web. I only uploaded a portion of the letter they sent me. Do you have a website where you do tax service?
Expert:  Merlo replied 4 years ago.
HelloCustomer

Yes, I do see that letter now, but that really doesn't help me determine anything.

I do have my own website and tax service, but unfortunately JA will not allow me or any of the other experts on this forum to give out our personal business information. It is a rule of this website that we only communicate with the customers inside of this forum, so I am limited in that respect. Understandably they don't want to take away business from their own website.

That being the case, I am really unable to offer anything other than general advice here on how to figure your basis in these stocks. If you feel this is something that is more than you can tackle on your own, you may have no choice but to take your taxes to someone such as H&R Block or another reputable tax service for help with your filing this year.

Since I am really not able to help you with details of your request, you should not accept this answer. By not accepting the answer, the deposit you made will remain in your account, and you can always request a refund from JA by sending an email toXXX@XXXXXX.XXX

I am sorry I cannot give you specific advice on this, but without seeing all of your statements it would be impossible for me to do.





Customer: replied 4 years ago.
Ok, I understand. I'll take them to a tax service and get them done. Thank you so much for your time. ;)

Wanna see someone go from blonde to gray in minutes? That'll be me, after I'm done messing with these taxes. Tongue out
Expert:  Merlo replied 4 years ago.
HiCustomer

That's too funny. I am really sorry I could not offer you more help, but hopefully a local tax service can help you. If I could view your files I would be happy to help you, but I understand totally why you would not want to post those files here.

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