Claiming a cashed out mutual fund on my taxes.?

Hi,
I cashed out a very small mutual fund (under 500$) due to constant fees and an inability to contribute to it in December. Must I claim this on my taxes. If so, when does this company send the 1099 form?

The mutual fund company should be sending out a 1099 shortly. I've already recieved some of my 1099's. Some haven't yet arrived.

You will need to pay taxes on the income that you made - the difference between what you originally contributed and what you finally got. Depending on how long you've held the mutual fund this could be long term capital gains or short term capital gains. The 1099 should tell you what you need to know.

Good luck!

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insist for immediate delivery 1099 form they are bound to do.
claim is restricted to investment period.

You got some correct answers already, but let me just expand a little. You didn't state if this was in an IRA. If it was, you will get walloped with a 10% penalty for early withdrawal.

You should be getting your year-end 1099 any day now. I never heard of a mutual fund that failed to pass off the tax consequences to their investors!

Yes. On Schedule D, you report the amount that you obtained and your basis. You pay capital gains tax on the difference. The 1099 form should arrive within the next few days. They are sent sometime in January.

With mutual funds, dividends and capital gains are passed through to shareholders on an annual basis. It isn't like selling stock shares. If you accrued any such gains in 2007, you should receive a 1099 form from the mutual fund. Call the mutual fund to find out.

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