What Form am I?
It details sold stocks, commodities, regulated futures contracts, foreign currency contracts, forward contracts, debt instruments, options, securities futures contracts.
What is Form 1099-B?
These are securities which have a short-term holding period and whose cost basis is being reported to the IRS.
What are Short-term Covered securities?
They require accretion on a yield-to-maturity basis of discount that arises at issuance and the gain/loss on the sale/maturity this bond (whether a taxable or tax-exempt bond) is capital.
What is an OID Bond?
What to do if you receive, in your name, income that belongs to someone else.
What is nominee reporting?
This box shows the amount you contributed to an IRA.
What is box 1?
Lists all interest earned on government and corporate bonds, short-term certificates of deposit (CDs) and cash in your brokerage account.
What is Form 1099-INT?
These are securities which have a long-term holding period and whose cost basis is being reported to the IRS.
What are long-term covered securities?
Taxable Bonds: Amortization is optional
Tax Exempt bond: Amortization is mandatory
What are premium bonds?
This is generated when a tax-exempt entity, such as an IRA, invests in a partnership that invests in a trade or business that is unrelated to the IRA's tax-exempt purpose, and/or the partnership uses debt to finance a portion of its investment.
What is UBTI?
Direct trustee-to-trustee transfers and also including:
What is NOT reported on Form 5498?
It shows Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.
What is Form 1099-R?
These often may be missing cost basis or show a zero on a 1099 because the broker does not have a basis on file.
What are non-covered securities?
These trade at a price that’s lower than their maturity value, or even to their accreted value, after issuance. The discount is usually the result of market forces, such as a rise in interest rates or a decline in credit quality.
What are Market Discount bonds?
This a discount of less than .25% of the stated redemption price at maturity, multiplied by the number of full years from the date of issue to maturity, OID is considered to be zero.
What is the de Minimis rule?
This box covers the amounts you put into a Roth IRA.
What is box 10?
A form that solely reports nonemployee compensation.
What is 1099-NEC?
These securities sales that have a long-term holding period and whose cost basis is not being reported to the IRS.
What are long-term non-covered securities?
This is a private activity municipal bond whose interest is treated as a preference (add-back) item for purposes of computing the alternative minimum tax imposed on individuals and corporations.
What is an AMT Bond?
This shows 529 plan and Coverdell ESA distributions.
What is a 1099-Q?
These 2 boxes report the amounts contributed to a Savings Incentive Match Plan for Employees (SIMPLE) and Simplified Employee Pension (SEP) contributions.
What are box 8 and 9?
Shows dividends and withheld and paid any foreign tax on dividends and other distributions on stock .
What is Form 1099-DIV?
These securities which have a short-term holding period and whose cost basis is not being reported to the IRS.
What are Short-term Noncovered securities?
For these taxable bonds, the premium will either be amortized to the call date and corresponding call price or to the maturity date, depending on the specific issue.
For these tax-free bonds, the premium must be amortized to the call date and call price.
What are callable bonds?
This reports transactions record from third-party payment networks such as PayPal or Venmo.
What is a 1099-K?
The tax deadline, NOT including extensions.
What is the deadline of making traditional and Roth IRA contributions?