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Author: twputnam One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121175  
Subject: Mutual funds distributions Date: 1/8/2004 4:36 PM
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Does anyone know if the mutual fund companies are going to break out the capital gains distributions for before and after May 5 on the 1099Div? If not, what rate will they be subject to?
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Author: ptheland Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 68450 of 121175
Subject: Re: Mutual funds distributions Date: 1/8/2004 4:56 PM
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Does anyone know if the mutual fund companies are going to break out the capital gains distributions for before and after May 5 on the 1099Div?

Yes, they will be required to separate them out.

If you hold your mutual funds through a broker, I'd plan on getting a revised 1099 sometime in March. The broker is still required (unless they got a reprieve this year) to get you a 1099 by January 31. Mutual funds likely can't get the work done in time to meet that deadline. So the broker will issue a 1099 in January that they suspect will be incorrect, becuase the mutual funds haven't passed along all of the necessary information yet. Then they'll get a revised one to you once the mutual funds have given the broker the final numbers.

What a mess.

--Peter

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Author: twputnam One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 68451 of 121175
Subject: Re: Mutual funds distributions Date: 1/8/2004 5:07 PM
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Peter,

Thanks for the reply. Since I owe $ this year I won't be filing until April 15, hopefully I'll have the correct 1099 by then.

The reason that I asked was that in prior years, the IRS decreed that the mutual fund capital gains were long term, except for the 5 year gains, even though they actually are a mixture. I thought it was possible that the IRS would mandate that they all be treated as having been gained after May 5, thus simplyfing matters for all concerned for this one year.

t

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Author: irasmilo Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 68453 of 121175
Subject: Re: Mutual funds distributions Date: 1/8/2004 5:27 PM
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Does anyone know if the mutual fund companies are going to break out the capital gains distributions for before and after May 5 on the 1099Div? If not, what rate will they be subject to?

Yes, they will. See www.irs.gov/pub/irs-pdf/f1099div.pdf

Ira

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