DAVID S. BABOIAN, CPA, PC

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2/14/2016

February 14th, 2016

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TAX TIP OF THE DAY...  reporting investment dividends and capital gains

What you need:
1) 1099-div forms received
2) 1099-B forms received

How to report:
1) dividends...  report ordinary dividends, qualified dividends, capital gain distributions on Federal Schedule B.
2) foreign tax... usually report on Federal form 1040, page 2 without additional forms.
3) capital gain distributions... report on Federal schedule D.
4) 1099-B sales & transfers...  This is tricky thanks to an IRS change a few years back that changed an already complicated 2 page form into a 6 page nightmare.  Report on form 8949.  Check the appropriate Part I box, log the correct adjustment code and say a prayer that you didn't miss anything.  
One word of caution for the sale of employer stock acquired via stock option purchase... the 1099-B gain loss may be incorrect.  The form may not include additional cost basis for amounts already taxed on your W-2.

SHARE WITH A FRIEND. 
If you need a tax appointment... www.baboiancpa.com

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  • Home
  • Services
    • What we do
    • Are we right for you?
    • $99 Jump-start
  • Client zone
    • Individual clients >
      • Identity Theft - IRS Affidavit
      • Personal Financial Statement
    • Business & rental clients >
      • Example expenses
      • Mileage log
      • Petty cash log
      • Sales tax
      • W9 for subcontractor
      • Example Profit & Loss
      • Obamacare Self-employment Ledger
    • Payroll services >
      • Employee paystub portal
      • EMPLOYER set up forms
      • EMPLOYEE set up forms for new hires
    • Web Links
  • About us
    • Contact
    • Our team
    • Dave's resume
    • Dave's bands
    • Haunted Chamber
    • Picture gallery
  • Secure email