posted
I'm doing my taxes myself for the first time in many years. Yes, I filed for an extension, and now the extended deadline looms nigh.
I'm filling out my schedule B, and there's a spot for interest and one for dividends. I have earnings from a checking account with my bank (which I'm calling interest), a money market account with my broker (?), some stocks, and some corporate fixed income stocks (which are like blue chip preferred stocks, I think) also with my broker.
I don't know much about this money stuff. It doesn't seem to matter as far as the taxes go whether you call something interest or dividends, so can you just put things in either slot?
My statement from my broker at year end listed "year to date income" from the various accounts and the income from money market and stocks was called dividends, while that from the corporate fixed income accounts was called interest. Is that how I know which is which?
Also, do I file capital gains/losses for the change in assessed value of assets from the end of year statement 2003 to 2004? (Not counting stuff sold or bought, I mean.)
I know hatrack knows everything, so I thought I'd ask here. Does anyone know?
Posts: 6246 | Registered: Aug 2004
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posted
Actually, the end-of-year statements you received should have indicated which sort of income that money's supposed to be considered, I believe.
Posts: 37449 | Registered: May 1999
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Not sure of your question, but I did my taxes this year. Capital gains, interest, and some other stuff goes on the schedule D form. It ties into the 1040, but it's a maze in itself. Be careful and good luck. The good news is there are instructions for everything, so it's just going to take time to read and understand everything.
Posts: 1813 | Registered: Apr 2001
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Oops, nevermind! I found out that since my accounts are all IRA accounts (except for the checking account) that I don't have to pay taxes on the interest, dividends, or gains at all. <laughs> Boy am I glad I asked!
Thanks anyway, hatrack, for your wonderful help!
Posts: 6246 | Registered: Aug 2004
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