Brokers are now well into the initial phases of required cost basis reporting—rule changes that forever altered the days when we simply revealed to the IRS each investor’s proceeds on market positions sold and that was pretty much it. Folks just starting their investment journey may not yet have a basis for comparison. Get it? […]

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An Individual Retirement Account (IRA) is a tax-favored vehicle used to invest for retirement. With a traditional IRA, you may be able to deduct your contributions from taxable income, and if you have a Roth IRA, your distributions may be tax free. It’s also true that dividend and interest income earned in an IRA is […]

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This article is intended for option traders. Please excuse the option jargon! But even the savviest option traders can need a little help at tax time, particularly with cost basis reporting. If that’s you, listen up. Suppose you traded some options last year, for the first time in a few years. If so, you might […]

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Most of what you read about taxes assumes you’re a U.S. citizen. But what if you’re a non-U.S. resident? That tends to raise questions. For instance, can a non-resident alien open an IRA? Can a non-U.S. citizen open a brokerage account and trade U.S. stocks? How can you find the best account type for non-U.S. […]

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Key Takeaways A corrected 1099 might not mean a mistake, but rather an income reallocation File for an extension ahead of time if you think there’s a possibility of an adjustment Examine your original 1099 carefully, but corrections may come despite best efforts True or false? A corrected 1099 form must mean your broker made […]

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Key Takeaways If you have dividend income over $10, you’ll need to complete 1099 forms Determine if your holding requirements are eligible for the ordinary or qualified tax rate Reallocations and spillovers may affect the timing of your dividend tax forms You’ve worked all year to get your long-term portfolio just right by researching yields […]

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Key Takeaways Most tax software programs can help you or your tax advisor create your Form 8949 Remember to adjust for wash sales where appropriate  Futures, forex, index options and other marked-to-market products may qualify for special tax treatment Note: TD Ameritrade does not provide tax advice. We suggest that you seek the advice of a […]

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Key Takeaways Brokerage account 1099s should be postmarked by February 15, 2019 The extra time helps your broker minimize the number of corrections it must issue  Clients can find help at the TD Ameritrade Tax Center Tax filing fact or myth? “Your brokerage account’s 1099 form for 2018 must be in the mail by January 31, […]

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Key Takeaways The forms you need in order to prepare your tax returns should start arriving around February Your income level and level of complexity will determine whether you file Form 1040, 1040A, or 1040EZ You’ll also attach certain schedules if you have itemized deductions, capital gains or losses, or are self-employed Let’s face it: […]

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