Tax Law (Questions About Taxes)/Forms 8949 and 8962

Advertisement


Question
I had 2 questions, hope you don't mind.
Just did my personal taxes and because I sold part of a mutual fund, I filled out the 8949 form, 'Sales and other Dispositions of Capitol Assets' and also listed it on Schedule D, line 8b. But I read among all the junk that you don't need to fill out 8949 and can just put that info it on Schedule D, line 8a. Just for future reference, if I have proceeds from a mutual fund, do I need to use form 8949?  
I also filled out form 8962 because I received premium tax for health care in 2014, all 12 months. It wasn't too hard to do, but this January I didn't receive any (I didn't have health coverage for that one month), but will receive them for 11 out of the 12 months in 2015. Will that make things more difficult when I need to fill out that form next year? Just curious, Thanks

Answer
Lee,

Thanks for your question.

If you sold shares in the mutual fund you must use 8949. If you did not sell shares but received a capital gain distribution, it goes directly on the Schedule D.

Regarding the 8962, that should not be much of an issue next year, just make an adjustment on the form showing no coverage in January.

Hope this helps.

John Stancil, CPA

Tax Law (Questions About Taxes)

All Answers


Answers by Expert:


Ask Experts

Volunteer


John Stancil, CPA

Expertise

I can answer questions on personal income taxes, partnerships, and some corporate income taxes. I can deal with some state tax questions. Limited gift and estate tax questions. I am also familiar with ministerial and church tax reporting issues. I am Professor Emeritus at Florida Southern College. Sales taxes and property taxes are state and local issues so I am not likely be be able to give you an in depth answer on those types of taxes. I have maintained a CPA practice, specializing in tax, for over 35 years. I am a member of the National Association of Tax Professionals, The Florida Insititute of CPA's, The NCPE Fellowship. In addition I am a Certified Mentor for SCORE. Visit my website at www.mybaldcpa.com. I also offer seminars and consultations to churches and clergy on their tax issues at www.churchtaxsolutions.com Also visit my blog, www.thetaxdocspot.com. I am listed on Tax Connections at https://www.taxconnections.com/profile/John-Stancil/12258973 Prepare and file your own taxes at www.1040stancilcpa.com

Experience

I hold a doctorate in Accounting, and am a CPA. My certifications of CIA, CFM, and CMA are inactive. I passed all certification examinations on the first attempt, and received honorable mention for my scores on the CIA exam. I have operated a CPA firm for over 37 years and have taught accounting and tax at the college level for over 35 years.

Organizations
FICPA, NATP, NCPE Fellowship, Lakeland Business Leaders

Publications
The CPA Journal, Florida CPA Today, Green Consumer, Green Business, Global Sustainability as a Business Imperative, Palmetto Review, NATP TaxPro Quarterly, Mustang Journal of Finance and Accounting.

Education/Credentials
DBA University of Memphis MBA University of Georgia BS in Accounting Mars Hill University

©2016 About.com. All rights reserved.