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How to pay taxes on stocks and mutual funds? |
I have mutual fund dividends and i sold a few stocks which I have less than one year. I did not cash in any of the mutual funds. How do I tally all of this on my tax form, 1040??? Do I add of all them together on sectin 2? My total is over 1500$ But individually the mutual fund income is less than 1500 and so is the stock? The dividends go on the line of the 1040 just below the interest, line 9. If there are capital gains distributions from the mutual fund (most of the time, there are) those will go on your schedule D, line 13. Since you sold stocks, you'll be filing a schedule D this year to show any gain or loss on those sales. You'll need to know exactly when you bought them, and how much you paid for them. Since you held them less than one year, the info will go into the short term section of the schedule D. Follow the instructions for schedule D - they aren't too hard. If you use tax software, it will be easy since the software will do the calculations for you. Get an accountant to help you with this. An accountant will be able to make sense of the numbers; just give them the accountant activity statements and they'll do it for you. Interest & dividends are reported on Sched. B / sales on Sched D |
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