If you owned Wellington would you have to file a schedule 1 on your taxes if you did not sell any shares?

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iamblessed
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Joined: Sat Jun 09, 2018 11:52 am
Location: St. Louis

If you owned Wellington would you have to file a schedule 1 on your taxes if you did not sell any shares?

Post by iamblessed »

Looking for the tax experts here.
earlyout
Posts: 1442
Joined: Tue Feb 20, 2007 5:24 pm

Re: If you owned Wellington would you have to file a schedule 1 on your taxes if you did not sell any shares?

Post by earlyout »

Do you mean Schedule D? If you really want to know what is reported via Schedule 1, might I suggest you download the form and the instructions from the IRS website and study them. Schedule 1 is used for several different items.
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MP123
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Joined: Thu Feb 16, 2017 3:32 pm

Re: If you owned Wellington would you have to file a schedule 1 on your taxes if you did not sell any shares?

Post by MP123 »

You would need to report the qualified and ordinary dividends from Wellington on the first page of 1040. I don't think you'd need Schedule 1 unless you had other income or adjustments to report.
Soon2BXProgrammer
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Joined: Mon Nov 24, 2014 11:30 pm

Re: If you owned Wellington would you have to file a schedule 1 on your taxes if you did not sell any shares?

Post by Soon2BXProgrammer »

there is a difference between 2018 and 2019 for 1040/schedule 1... in 2018 you put the capital gains on schedule 1 from schedule D, in 2019, you do not and they are on 1040 directly from schedule d, furthermore, there are situations when even schedule D is not requried, when you haven't bought/sold, but only have capital gains transactions reported on a 1099-DIV.

also see: https://www.savingforcollege.com/articl ... fafsa-form

it lists capital gains an an exception if its a gain...

with all the forms changing significantly between 2017 and 2018, and then more changes for 2019, its hard to keep track, as lots of stuff is very very year specific from an instructions perspective.

BTW if you fill out https://studentaid.gov/sites/default/fi ... -fafsa.pdf
Then use:
https://ifap.ed.gov/sites/default/files ... Attach.pdf

It could give you a better idea of how the process works.

From the formula guide it states:" Applicants may also qualify if they only filed a Schedule 1 to report the following additions or adjustments to income: capital gains, unemployment compensation, Alaska Permanent Fund dividends, educator expenses, IRA deductions, or student loan interest deductions."
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Eagle33
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Re: If you owned Wellington would you have to file a schedule 1 on your taxes if you did not sell any shares?

Post by Eagle33 »

If the Wellington funds are inside your tax-advantaged accounts and not your taxable brokerage account, then no tax impact.
Rocket science is not “rocket science” to a rocket scientist, just as personal finance is not “rocket science” to a Boglehead.
Topic Author
iamblessed
Posts: 867
Joined: Sat Jun 09, 2018 11:52 am
Location: St. Louis

Re: If you owned Wellington would you have to file a schedule 1 on your taxes if you did not sell any shares?

Post by iamblessed »

I should has said it is in taxable.
DrCheese
Posts: 64
Joined: Wed Apr 19, 2017 2:20 pm

Re: If you owned Wellington would you have to file a schedule 1 on your taxes if you did not sell any shares?

Post by DrCheese »

Most likely, you would have to report capital gains on Schedule D even if you did not sell.

Last year, Wellington declared a long term capital gain. https://investor.vanguard.com/mutual-fu ... ions/vgwlx

If they declared a capital gain last year, chances are good that they will declare one this year. You will have to wait until late December to know for sure.
Topic Author
iamblessed
Posts: 867
Joined: Sat Jun 09, 2018 11:52 am
Location: St. Louis

Re: If you owned Wellington would you have to file a schedule 1 on your taxes if you did not sell any shares?

Post by iamblessed »

Soon2BXProgrammer wrote: Fri Sep 25, 2020 1:22 pm there is a difference between 2018 and 2019 for 1040/schedule 1... in 2018 you put the capital gains on schedule 1 from schedule D, in 2019, you do not and they are on 1040 directly from schedule d, furthermore, there are situations when even schedule D is not requried, when you haven't bought/sold, but only have capital gains transactions reported on a 1099-DIV.

also see: https://www.savingforcollege.com/articl ... fafsa-form

it lists capital gains an an exception if its a gain...

with all the forms changing significantly between 2017 and 2018, and then more changes for 2019, its hard to keep track, as lots of stuff is very very year specific from an instructions perspective.

BTW if you fill out https://studentaid.gov/sites/default/fi ... -fafsa.pdf
Then use:
https://ifap.ed.gov/sites/default/files ... Attach.pdf

It could give you a better idea of how the process works.

From the formula guide it states:" Applicants may also qualify if they only filed a Schedule 1 to report the following additions or adjustments to income: capital gains, unemployment compensation, Alaska Permanent Fund dividends, educator expenses, IRA deductions, or student loan interest deductions."
Thank You
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