Documents to File Your Taxes
If you have an IRA, Roth IRA or SEP IRA, and if you have contributed into it in 2013 you need to know how much that contribution was. To know that, you can go to the December 2013 statement of your IRA where it summarizes the contributions for the year. If you haven’t contributed yet, it is time to consider it. You can make a 2013 contribution into your IRA until the day you file your 2013 taxes. To figure out the deductibility of your contribution and its maximum, ask your accountant or go to IRS.gov the site is thorough and helpful.
If you have an IRA, Roth IRA or SEP IRA, and if you have distributed out of it in the calendar year 2013, if that distribution has a tax impact your IRA account will have generated a 1099R. You need it to file.
If you have any type of tax exposed account (Individual, Joint, Corporate or other) you will need two documents about each account.
- A 1099 that will show interests, dividends and capital gains/losses distributed by funds.
- A Capital Gains/Losses Report that will compute long term and short term capital gains generated by fund sales during the year.
Here is how to get to your 1099 from the TD Ameritrade website. Select “Accounts”. “Account Center”, “Documents” and “Tax Forms” as indicated below. Your 2013 1099 or 1099R (in case of an IRA) will show if there were distributions relevant to your tax filing.
In order to generate a Capital Gains/Loss Report, select “Accounts”, “Account Center”, “Overview” and then “Track your Cost basis” as indicated below
After pressing “Track your Cost Basis” you will see the following pop up and will have to press “Realized Sell Activity”, “Year 2013” and then “View”. The screen will refresh to show your LT Gains and ST Gains (Long Term or Short Term). These gains will be computed with the cost basis that is also shown on this report.
Finally, the last thing you will need is a receipt of the fees charged by Anselme Capital. These fees are an investment cost to you, therefore they are deductible from your investment gains. For this information, go to your Management Fee Receipt, an Excel spreadsheet in our shared Dropbox folder. The amount of fees charged each quarter is displayed as you see in the picture below. Simply add them up to get the yearly total.
That’s it. Of course, if you would rather not get these documents yourself, simply email me and I will forward you all you need.
I know what you are thinking: “How in the world did Marc get James Bond as a client?” Well I simply must preserve client privacy here. It’s all very hush hush….
Happy spring !!
Cheers
Marc Anselme
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Originally published at anselmecapitalblog.com on April 1, 2014.
