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Burruss Writer

Joined: 10/02/2002 Posts: 5319
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Tax question. 1099-DIV and 1099-INT


I have mutual funds through my financial planner that are not IRA qualified. I contribute monthly. I've gotten a 1099-DIV and 1099-INT on the accounts each year and I've reported them on my income taxes. I don't take regular (or any) distributions on those accounts at this point.

Ordinary dividends and Interest Income (Box 1 for each)

Do I need to be reporting these on my taxes? I guess I'm paying taxes on the added value of the investment, but it seems to me that I would be paying capital gains at the time of distribution.

Taxes suck.
[Post edited by Burruss Writer at 05/12/2021 11:22PM]

Posted: 05/12/2021 at 11:15PM


+1

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Current Thread:
 
  Tax question. 1099-DIV and 1099-INT -- Burruss Writer 05/12/2021 11:15PM
  Simple answer: absolutely! -- EDGEMAN 05/13/2021 09:27AM
  If you receive a 1099, it's taxable. The IRS compares your reported -- Hokie CPA 05/13/2021 08:54AM
  That just made my head hurt -- Burruss Writer 05/13/2021 10:32AM
  Mutual fund capital gains can occur without distributions -- GreenvilleVT 05/13/2021 05:52AM
  ^^^ This ** -- HokieForever 05/13/2021 07:46AM

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