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Financial Planning / Tax Strategies


Subject:  Re: Basic Mutaul Fund/Tax Question Date:  4/11/1998  3:08 PM
Author:  tc001 Number:  3413 of 123001

On 4/10 I responded to your question. What a difference a night's sleep makes. After my lengthy first answer I began to have some concerns about confusing rather than helping you.

The information specifically relating to 1040 Schedule B, 1040 Schedule D and the 1099 Boxes 1a, 1b, and 1c is correct, but when I reread your original question I wanted to add some more commentary. You said:

<<Seligman sent me a form with a dollar figure broken down into two sums, designated as (I don't have the form in front of me) "short term ..." and "long term ... " How do these relate to the schedule D form (1090?)>>

First, please check to make sure that the form *is* a Form 1099. This is the report that will be given to the IRS so it is this specific form that the tax numbers must be taken from. Do not use an account statement or summary. The form should clearly be labeled as 1099 or 1099-DIV.

Next, you mention the breakdown of short-term and long-term dollars. The 1099 will have the separate bo