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Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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what is the cost to use this tax service

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what is the cost to use this tax service?
Hello heddy,

There is no set cost to use this service. JA is a forum where you can post questions you have on a certain topic. If your question relates to tax issues, we have tax experts in the forum here to try and help answer your question. You post a deposit that you feel is reasonable for the question you are asking, and then you post your question.

You have already posted a $15 deposit. Did you have a tax question you wanted to ask?

Customer: replied 6 years ago.
I have a money market & mutual fund account that I put money in monthly. I take it out whenever I want. I have the 1099-B form in front of me that shows my sale of the mutual fund 3 times in a year. When I look at the 1099-DIV form it shows that my dividends for the money market account as $78, and the Total ordinary dividends $47, qualified dividends $28, and total capital gain $58 for the mutual fund account. I am trying to fill out a schedule D form and don't know what information is necessary. Do I only need to total the dividends from both the money market and mutual fund accounts and put them under the capital gains distributions? Is that all the IRS really wants? Do I need to put my 1099 B (partial sales of the mutual funds) on the schedule D form also? I assumed the gains was really all the IRS wanted. If so where do I put the amount?
Hello again heddy,

The dividends you received are not entered anywhere on Schedule D. They are entered directly on your Form 1040.

The ordinary dividends of $47 are entered on line 9a of your Form 1040 and the Qualified Dividends lf $28 are entered on line 9b of your Form 1040.

Your capital gain of $58 is reported on Schedule D. If you held the shares in the mutual fund for less than one year before selling them, then the sale is reported in Part I of Schedule D. If you held the shares more than one year before selling them, then report the sale in Part II of Schedule D.

In order to report the sale, you will need to show the name of the mutual fund, the total # XXXXX shares you sold, your total selling price of those shares, your cost of the shares, and then your net gain or loss. The paperwork sent to you by your brokerage firm should also show you your selling price and cost information for this purpose.

If this was helpful please press the Accept button.

Thank you heddy

Customer: replied 6 years ago.
the company is Primerica and they don't list what the cost basis is. I have been putting money in this account for 4 years and just use it when I need it. I assumed the dividends and gains were what the IRS wanted. Because the money was put in monthly, I don't know what the true buying price was. I called Primerica and they said if the cost basis is not listed then they don't have it. They are trying to tax me on what I cashed out, although I know I had very little increase on this money.
Hello heddy,

You said in your first post that they showed you had a total capital gain of $58 for the mutual fund account. That should be the only amount you have to pay tax on.

It's just a matter of finding out how much you initially paid for the mutual fund and then how much you sold it for. The difference should be the $58, and that is all you will be taxed on.

If this was helpful please press the Accept button.

Thank you heddy

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