Many people have a lot of questions about 1099 forms when we get to tax season each year. Tom answers some frequently asked 1099 form questions, and shares the number one thing most people forget to include in their cost basis each year.

1. Mullooly Asset Management Podcast
February 27, 2013
Mullooly Asset Management February 2013

2. Investment Related 1099 Forms
Used to be out by January 31st
Now being sent the end of February
No 1099-INT if less than $10 interest
No 1099-B if you did not SELL a security
Mullooly Asset Management February 2013

3. 1099 OID 1099 DIV
Original Issue Discount For Dividends
Taxed each year, even Shows dividends earned
though not received
Shows capital gain
distributions
Mullooly Asset Management February 2013

4. Gross Proceeds
Summary of gains/losses
First time this information appears
Mullooly Asset Management February 2013

5. When Selling a Mutual Fund
Include capital gains to your cost basis
Mullooly Asset Management February 2013

6. Municipal Bond Interest
Appears, but reported as non-taxable
Mullooly Asset Management February 2013

7. None of the securities mentioned in this (or any) podcast or
video represent past specific recommendations of Mullooly
Asset Management.
This video is NOT a recommendation to buy or sell any of
the securities mentioned here.
If you’re relying on a podcast for investment advice, you are
likely making a huge mistake.
We strongly urge our listeners to consult with their
investment advisor before they make a decision to buy or
sell any investment.
Mullooly Asset Management February 2013

8. Mullooly Asset Management, LLC
support (at) mullooly (dot) net
732-223-9000
www.mullooly.net
Mullooly Asset Management February 2013