Education: Tax Information
When it comes to investing, taxes and tax-related issues are never far. Let us help you better understand some basic concepts, so you can make smarter decisions.
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Understanding Tax Forms
In January and February, MainStay will send you tax forms, which reflect both taxable and non-taxable events within your Funds for the prior calendar year.
Cost Basis Reporting for Mutual Funds
Beginning in January 2012, mutual fund companies were required to report the adjusted cost basis on certain sales of shares acquired on or after January 1, 2012, to both investors and the Internal Revenue Service (IRS).
The Effect of Taxes on Compounded Interest
It will not do you a whole lot of good to compound the interest on your investments only to watch it get taken by the IRS. Fortunately, there are a few ways to compound your interest and avoid paying more tax than necessary.
Capital Gains Tax
The capital gains tax is really a tax on the capital that builds up in investments. A capital investment can be a home, a business, artwork, or nearly anything that increases or decreases in value over a period of time.
Tax Implications of Investment Earnings
Besides knowing how investment earnings are paid out, it is important to know how your earnings will be taxed.
Working with a Tax Professional
Especially if you are self-employed or own a business, it's wise to consider working with a tax professional.
If you have not accessed your MainStay account in the last 24 months, it may be at risk of being forfeited to your state government. There are easy steps you can take to avoid this possibility.
Fund Tax Forms 8937
Tax documents related to certain MainStay Funds.