Comments on: how to pay taxes on stocks and mutual funds? http://investing.hirby.com/how-to-pay-taxes-on-stocks-and-mutual-funds-3/ Thu, 09 Feb 2012 00:24:06 -0800 http://wordpress.org/?v=2.8.5.2 hourly 1 By: Muga Wa Kabbz http://investing.hirby.com/how-to-pay-taxes-on-stocks-and-mutual-funds-3/comment-page-1/#comment-25568 Muga Wa Kabbz Wed, 10 Feb 2010 00:09:55 +0000 http://investing.hirby.com/how-to-pay-taxes-on-stocks-and-mutual-funds-3/#comment-25568 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. 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.

]]> By: dizneyfreak1 http://investing.hirby.com/how-to-pay-taxes-on-stocks-and-mutual-funds-3/comment-page-1/#comment-25569 dizneyfreak1 Wed, 10 Feb 2010 00:09:55 +0000 http://investing.hirby.com/how-to-pay-taxes-on-stocks-and-mutual-funds-3/#comment-25569 Interest & dividends are reported on Sched. B / sales on Sched D Use a tax pro - not H&R Block since they don't know what they are doing Interest & dividends are reported on Sched. B / sales on Sched D

Use a tax pro – not H&R Block since they don’t know what they are doing

]]> By: Judy http://investing.hirby.com/how-to-pay-taxes-on-stocks-and-mutual-funds-3/comment-page-1/#comment-25566 Judy Wed, 10 Feb 2010 00:09:28 +0000 http://investing.hirby.com/how-to-pay-taxes-on-stocks-and-mutual-funds-3/#comment-25566 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. Good luck. 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.

Good luck.

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