Frequently Asked Questions
- Year-End Tax Forms and Statements
- Composite Form 1099
- Form 1099-DIV
- Form 1099-B
- Cost Basis Reporting Information
- Form 1099-Q
- Form 1099-R
- Form 5498 and Form 5498-ESA
- Form 1042-S
- Tax Withholding for Retirement Accounts
- Capital Gains—Long-Term, Short-Term
- Direct U.S. Government Obligation
- Foreign Source Income/Foreign Tax Paid
Form 1099-B, Proceeds From Broker and Barter Exchange Transactions, is the federal tax information form used to report gross proceeds, less any contingent deferred sales charge (CDSC), received from sales or exchanges of fund shares in non-retirement accounts during the year. Form 1099-B reports the date of sale or exchange, gross proceeds and federal income tax withheld (if any). The form also reports cost basis information, including date of acquisition, type of gain or loss, cost or other basis, wash sale adjustments for eligible accounts, and whether basis information was reported to the IRS. A separate 1099-B form will be generated for each fund account with qualifying transactions.
This information is included on Composite Form 1099. This form is available online and was mailed February 9, 2015.
Whenever you sell or exchange shares of a Franklin Templeton fund, you will generally recognize a taxable capital gain or loss. The proceeds from these transactions are reported to you on Form 1099-B, along with the cost basis of eligible shares. These transactions must be reported on IRS Form 1040, U.S. Individual Income Tax Return, Schedule D, Capital Gains and Losses, or Form 8949, Sales and Other Dispositions of Capital Assets.
Additional information on reporting gains and losses, including cost basis information for applicable accounts, can be obtained from IRS Publication 551, Basis of Assets.
The IRS generally does not require money funds to issue Form 1099-B because a sale or exchange of money fund shares does not ordinarily create a gain or loss.
Composite Form 1099 is a consolidated tax form that reports both Form 1099-DIV and Form 1099-B tax information for eligible accounts. Therefore, some shareholders will also have 1099-DIV information on their Composite Form 1099. For additional information, visit our Form 1099-DIV FAQ section.
Important Legal Information
The information contained in this Tax Center is not intended to be a complete discussion of all federal or state income tax requirements. This information cannot be used by an investor to avoid any income tax penalties that may be imposed under the Internal Revenue Code. Investors should seek advice from a financial and/or tax advisor about the potential tax implications of their investments in Franklin Templeton fund(s) based on their individual circumstances.
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