How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Merlo Your Own Question

Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
9573734
Type Your Tax Question Here...
Merlo is online now
A new question is answered every 9 seconds

what is the cost to use this tax service

Resolved Question:

what is the cost to use this tax service?
Submitted: 4 years ago.
Category: Tax
Expert:  Merlo replied 4 years ago.
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 4 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?
Expert:  Merlo replied 4 years ago.
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 4 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.
Expert:  Merlo replied 4 years ago.
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

Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
Merlo and 6 other Tax Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
< Last | Next >
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
  • I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight. Bonnie Chesnee, SC
  • Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation. John Minneapolis, MN
  • Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. Orville Hesperia, California
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
 
 
 

Meet The Experts:

 
 
 
  • Wallstreet Esq.

    Tax Attorney

    Satisfied Customers:

    570
    10 years experience
< Last | Next >
  • http://ww2.justanswer.com/uploads/KU/KUMI95/2013-9-30_195031_kumar.64x64.jpg Wallstreet Esq.'s Avatar

    Wallstreet Esq.

    Tax Attorney

    Satisfied Customers:

    570
    10 years experience
  • http://ww2.justanswer.com/uploads/CU/Cuttinggirl/2011-10-29_03719_wcrop2.64x64.jpg Wendy Reed's Avatar

    Wendy Reed

    Enrolled Agent

    Satisfied Customers:

    3052
    15+ years tax preparation and tax advice.
  • http://ww2.justanswer.com/uploads/CATax/2009-08-04_204548_Mark.jpg Mark D's Avatar

    Mark D

    Enrolled Agent

    Satisfied Customers:

    985
    MBA, EA, Specializing in Business and Individual Tax Returns and Issues
  • http://ww2.justanswer.com/uploads/IN/insearchoftheanswer/2013-8-16_0233_attorney.64x64.jpg Richard's Avatar

    Richard

    Tax Attorney

    Satisfied Customers:

    3229
    29 years of experience as a tax, real estate, and business attorney.
  • http://ww2.justanswer.com/uploads/MY/MyVirtualCPA/2012-7-5_44024_cookmegan1.64x64.jpg Megan C's Avatar

    Megan C

    Certified Public Accountant (CPA)

    Satisfied Customers:

    6121
    Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
  • http://ww2.justanswer.com/uploads/JG/jgordosea/2012-6-7_43138_GordosVeritas.64x64.jpg jgordosea's Avatar

    jgordosea

    Enrolled Agent

    Satisfied Customers:

    2783
    I've prepared all types of taxes since 1987.
  • http://ww2.justanswer.com/uploads/OZ/ozaukeecpa/2012-6-7_193219_Picture1croppedandshrunk.64x64.jpg MequonCPA's Avatar

    MequonCPA

    Certified Public Accountant (CPA)

    Satisfied Customers:

    2231
    CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
 
 
 
Chat Now With A Tax Professional
Merlo
Merlo
Tax Professional
9783 Satisfied Customers
25+ years tax consulting. Specializing in returns for US citizens living abroad