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    tableclocks's Avatar
    tableclocks Posts: 432, Reputation: 2
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    #1

    Feb 13, 2016, 10:33 AM
    Capital gaines taxs
    Confused, my fidelity 1st page ,line 2a says I have $4,900.00 in total capital gains distributions... I only sold a few stocks and mutual funds, for a total of about a $2,000 gain, maybe you can explain, thanks,, Richard
    I will be using taxact, but I would like to understand it myself
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #2

    Feb 13, 2016, 10:54 AM
    The capital gains distributions are from the mutual funds.

    Mutual funds buy and sell stocks within the funds, and those stock sales generate capital gains and losses. The capital gains distributions are your share (based on the number of shares you own) of those stock transactions.
    tableclocks's Avatar
    tableclocks Posts: 432, Reputation: 2
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    #3

    Feb 13, 2016, 12:39 PM
    Quote Originally Posted by AtlantaTaxExpert View Post
    The capital gains distributions are from the mutual funds.

    Mutual funds buy and sell stocks within the funds, and those stock sales generate capital gains and losses. The capital gains distributions are your share (based on the number of shares you own) of those stock transactions.
    I was thinking that, does that get reported? Or just report the ones I sold for a gain and lose? You are always helpful to a lot of people on here and I thank you for it... richard
    tableclocks's Avatar
    tableclocks Posts: 432, Reputation: 2
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    #4

    Feb 13, 2016, 12:49 PM
    I was thinking that, does that get reported? Or just report the ones I sold for a gain and lose? You are always helpful to a lot of people on here and I thank you for it... richard
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #5

    Feb 13, 2016, 12:52 PM
    It DOES get reported to the IRS on the same Form 1099-DIV that you got.
    tableclocks's Avatar
    tableclocks Posts: 432, Reputation: 2
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    #6

    Feb 13, 2016, 02:08 PM
    Quote Originally Posted by AtlantaTaxExpert View Post
    It DOES get reported to the IRS on the same Form 1099-DIV that you got.
    I found it, thank you,, so I have to pay on gains that I did not put in my pocket, on my funds that are down, lol... thank you
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #7

    Feb 13, 2016, 02:19 PM
    Yes, that is correct. One of the pitfalls of investing in mutual funds.
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