Reporting Mutual Fund Redemption?
January 28, 2009 by Tax Blog
Filed under Questions & Answers
muh asked:
I’m trying to efile my taxes and this is my first time reporting mutual fund redemption. I had a mutual fund in a taxable account redeemed in feb and march and used it to contribute to my roth IRA. On the 1099 B form, it shows the short term and long term shares redeemed, how do I go about reporting it on the efile? Do I also have to note the total gain?
I don’t have the aquire date but I do have the total gain for each share I redeemed. Would that be sufficient?
I’m trying to efile my taxes and this is my first time reporting mutual fund redemption. I had a mutual fund in a taxable account redeemed in feb and march and used it to contribute to my roth IRA. On the 1099 B form, it shows the short term and long term shares redeemed, how do I go about reporting it on the efile? Do I also have to note the total gain?
I don’t have the aquire date but I do have the total gain for each share I redeemed. Would that be sufficient?
jseah114 on Sat, 31st Jan 2009 6:04 pm
The mutual fund redemption is reported on Schedule D.
r_kav on Tue, 3rd Feb 2009 3:03 pm
Schedule D has a section for short term and a section for long term. You will need the sales price and sales date (which is shown on the 1099B) and the cost basis and date acquired. From that you calculate the gain or loss in each category. Hopefully, the mutual fund company provided you with all that info. If not, ask them for help.
Scott K on Thu, 5th Feb 2009 2:22 am
On the schedule d, lump them together (one for the short term, one for the long term.) Use var as the dates, you will need to tell them the number of shares, the sales price (less commission, if any,) the purchase price, and the gain.