Year End Tax Training

Question 1

A shareholder sold shares at a profit that they have held for over 3 years in their
nonretirement account. These will be reported as _______________ for tax reporting
purposes.

Answer 1

Long term gains

Question 2

Most BNY Mellon clients use the ___________________ as their default cost basis
calculation method.

Answer 2

Average Cost Single Category (AC)

Question 3

BNY Mellon Transfer Agency is required to track the cost basis on shares acquired on or
after ________________. Prior to this date the shareholder is responsible for tracking their
cost basis.

Answer 3

January 1, 2012

Question 4

BNY Mellon has permission to consolidate Forms 1099-DIV and 1099-B for mailing. These
tax forms must be postmarked by __________ of the following year.

Answer 4

February 15

Question 5

Cost Basis reporting only applies to this type of fund/account: _________.

Answer 5

Fluctuating NAV / Nonretirement

Question 6

A joint account shareholder reinvested long and short-term capital gains distributions
during the current tax year. These reinvestments, reported on Form __________, are
_________.

Answer 6

1099-DIV/ reportable

Question 7

Starting in the year 2023, the maximum contribution limit for IRAs for someone at age
52 is _____________

Answer 7

$7,500

Question 8

Effective January 1, 2023, shareholders can voluntarily request TEFRA withholding in any
amount between 0% and 100%.

Answer 8

True

Question 9

Transfers of Assets processed on retirement accounts are __________.

Answer 9

Not tax reportable