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Frequently Asked Questions

General Account Information
Q: How can I open an account with OppenheimerFunds?

A: The preferred method is to work with your financial advisor to open an account. They will be able to help assess your financial goals and help with account setup paperwork. Account forms and applications can also be downloaded here.

Q: What documents do I need to open an account, and where can I find online account applications?

A: The table below highlights which documentation is needed for common account types. Their corresponding paperwork can be found in the Forms section of our website:

Non-Retirement (Individual, Joint Account, Trust, Corporation, Estate, or UTMA/UGMA)
Individual Retirement Account (Traditional or Roth IRA)
Small Business Retirement Plans (SEP or Simple IRA, Single K, 403(b), and Profit Sharing-Money Purchase Plans)

Learn More on our Retirement product page
  • Setup Guides and the necessary paperwork are all found in our Forms section under Retirement
College & 529 (State 529 and Coverdell)

Learn More on our College/529 product page
  • Setting up a 529 plan is handled through your own State’s website although OppenheimerFunds may be the investment provider Coverdell Education Savings Account Establishment Kit
Q: How do I find a financial advisor?

A: Although OppenheimerFunds does not employ financial advisors nor do we recommend specific firms/advisors, please consider the following tips to start your search:

  • Collect Names—Ask people you know (both personally and professionally). Try free community seminars or classes, and search online via the Financial Planning Association and Certified Financial Planner Board of Standards websites.
  • Conduct Interviews—You are hiring your financial advisor to do a job. Treat initial meetings like a job interview by asking the advisor how they will help you meet your financial needs (such as retirement or college savings).
  • Make an Informed Choice—When you’ve narrowed the field to two or three strong candidates, you may verify your candidates’ professional credentials online using the free “BrokerCheck” through the Financial Industry Regulatory Authority.
Q: How do I create, register, or access my accounts online?

A: You will need your Social Security Number and Account Number to complete your online account registration. OppenheimerFunds’ shareholders are automatically eligible to create an online account. The multiple benefits include a way to manage investments, track funds, get instant access to up to seven years of statements and tax forms, and update personal information.

Q: How do I access or change the delivery method of my statements, tax forms and confirms?

A: We recommend signing up for Electronic Document Delivery (eDocs Direct) in order to receive timely notification of your statements, tax forms, and confirms. Go to your Profile to confirm and update after you login. If you have accounts with us, but haven’t signed up online, then Register Now and you may select eDocs Direct during the registration process.

All statements, tax forms, and confirms are located on the Statements tab of your Portfolio Summary page. You will need to login to access that section.

Q: What are your document retention procedures for statements, tax forms and confirmations?

A: We retain the most recent seven years of statements and tax forms and the most recent three years of confirmations. By signing up for an online account, you will be able to download those documents.

We recommend signing up for Electronic Document Delivery (eDocs Direct) in order to receive timely notification of your statements, tax forms, and confirms. Go to your Profile to change if you already have an online account or Register Now and you may select during the registration process.

Q: How do I change information on my account, including my address, email address, etc.?

A: If you have an online account, you can login and change your information under the My Profile tab. If you do not have an online account, you can fill out an Account Change Application.

Q: What are the minimum initial investment requirements?

A: You should read fund prospectuses and summary prospectuses carefully for the specific requirements for each Oppenheimer fund. In general, you can buy most classes of Oppenheimer fund shares with a minimum initial investment of $1,000. Traditional and Roth IRA, Asset Builder Plan, Automatic Exchange Plan and government allotment plan accounts may be opened with a minimum of $500. For wrap fee-based programs, salary reduction plans and other retirement plans and accounts, there is no minimum initial investment. Once your account is open, subsequent purchases may be made in any amount. For Class I shares, the minimum initial investment is $1 million per account. The Class I share minimum initial investment will be waived for retirement plan service provider platforms.

Q: How can I link my bank account with my OppenheimerFunds account(s)?

A: You can use the AccountLink and Asset Builder Authorization Form to establish AccountLink information. This form enables you to transfer money electronically between your bank account and your OppenheimerFunds account(s), and to enroll in Asset Builder, which enables you to have money from your bank account automatically invested in your OppenheimerFunds account. If you already have AccountLink or Asset Builder set up, but would like to change some of your information, you can use this application or login to your account. To ensure changes affect your account in the current month, please be sure you make any changes five days prior to your pull date.

You can add a new bank account by visiting the Bank Information tab in your portfolio and clicking Add New Bank Account. To delete a bank account, please contact Customer Support at 1 800 525 7048.

Q: How can I purchase funds into my existing OppenheimerFunds account?

A: To purchase funds into your existing OppenheimerFunds account, select one of the following methods:

1. Use the Asset Builder feature.
2. Transact online. Login to your OppenheimerFunds online account and select Purchase from the Actions dropdown menu.
3. Transact with a service associate. Call 1 800 525 7048 for investors or 1 800 835 7305 for retirement plans.
4. Request via fax with a Letter of Instruction to 1 303 768 1500.
5. Mail a check with instructions via U.S. mail. Make checks payable to OppenheimerFunds.
Regular U.S. mail:
OppenheimerFunds Services
P.O. Box 5270
Denver, CO 80217-5270

Overnight mail address:
OppenheimerFunds Services
12100 E. Iliff Ave., Suite 300
Aurora, CO 80014

Note: If you are enrolled in an employer-sponsored retirement plan (e.g., SEP, Simple, Single K, 403(b), Profit Sharing), and you want money to come out of your paycheck in order to make a purchase, then you must contact your employer in order to do so. You can only change what funds you want your purchase to go into through our website.

Q: How do I exchange funds into my OppenheimerFunds account?

A: To exchange funds into your OppenheimerFunds account, select one of the following methods:

1. Transact online. Login to your OppenheimerFunds online account, and select Exchange from the Actions dropdown menu.
2. Mail your instructions via U.S. mail.
Regular U.S. mail:
OppenheimerFunds Services
P.O. Box 5270
Denver, CO 80217-5270

Overnight mail address:
OppenheimerFunds Services
12100 E. Iliff Ave., Suite 300
Aurora, CO 80014
3. Transact with a service associate. Call 1 800 525 7048 for investors or 1 800 835 7305 for retirement plans.
4. Request via fax with a Letter of Instruction to 1 303 768 1500.

Q: How do I redeem (Sell)?

A:1. Transact online. Login to your OppenheimerFunds online account, and select Redemption from the Actions dropdown menu. The following account types are ineligible to redeem online and a form must be filled out: Single K Plan, 403(b) Plan, Profit Sharing-Money Purchase Plan
2. Mail your instructions via U.S. mail.
Regular U.S. mail:
OppenheimerFunds Services
P.O. Box 5270
Denver, CO 80217-5270

Overnight mail address:
OppenheimerFunds Services
12100 E. Iliff Ave., Suite 300
Aurora, CO 80014
3. Transact with a service associate. Call 1 800 525 7048 for investors or 1 800 835 7305 for retirement plans.
4. Request via fax with a Letter of Instruction. The fax number is 1 303 768 1500.

To find the form you need for your specific account type, go to Forms and choose between Account, Retirement, or College/529.

Q: How do I transfer funds from my OppenheimerFunds IRA?

A: To transfer funds from your OppenheimerFunds IRA, contact the receiving trustee for their rollover paperwork and request they include a letter of acceptance to be sent to:

Regular U.S. mail:
OppenheimerFunds Services
P.O. Box 5270
Denver, CO 80217-5270

Overnight mail address:
OppenheimerFunds Services
12100 E. Iliff Ave., Suite 300
Aurora, CO 80014

Request via fax with a Letter of Instruction to 1 303 768 1500.

Q: How do I roll over funds into an OppenheimerFunds IRA?

A: To roll over funds into an OppenheimerFunds IRA from another Custodian or, to transfer eligible amounts from an employer-sponsored retirement plan (i.e., 401(k), 403(b), Profit-Sharing Plan, Money Purchase Pension Plan, etc.) to an OppenheimerFunds IRA (Direct Rollover or Indirect Rollover), use the IRA Transfer Request Form. If you do not have an account already established, you will also need to include the IRA account application.

Q: How do I change the amount of money taken out of my paycheck?

A: Typically, taking money out of your paycheck is a result of being enrolled in an employer-sponsored retirement plan. To make changes (e.g., stop, change dollar amount, etc.) will be handled by your employer. Our website will only allow you to adjust what funds you want to invest in and the percentage breakdown of your contribution into each fund.

Q: What is an UGMA/UTMA account?

A: The Uniform Gifts to Minors Act (UGMA) and the Uniform Transfers to Minors Act (UTMA) are types of custodial accounts that are set up by an adult on behalf of a minor. Visit our UGMA/UTMA page for more information on these accounts.

Q: What is a Letter of Instruction?

A: A Letter of Instruction is a written request from an account holder asking to take a course of action on an account(s). There is no downloadable Letter of Instruction template from oppenheimerfunds.com. The letter should include:

  • Account registration or account numbers.
  • Social Security Number (SSN) or Employer Identification Number (EIN).
  • Phone number for the broker or account holder, in the event clarification is needed.
  • The detailed instructions on what the account holder is requesting to be done on the account(s).
Q. What documents are required for an attorney-in-fact to negotiate on an account?

1. A signature-guaranteed letter of instruction signed by the attorney-in-fact, in his or her fiduciary capacity.

2. An affidavit signed by the attorney-in-fact within 30 days of receipt, stating that the power of attorney is in full force and effect and that the principal is still alive. The following affidavits are available for download: Durable 30 Day Affidavit and Non-Durable 30 Day Affidavit

3. A photocopy of the power of attorney document.

Q: I recently added new bank information. When can I start transacting?

A: After new bank details are added online, there is no waiting period for a new purchase into your Oppenheimer account. However, there is a waiting period to redeem funds via ACH to the new bank:

  • 3 calendar days if Electronic Delivery is currently set up for the shareholder’s confirmation statements.
  • 10 calendar days if confirmation statements are currently being mailed to the shareholder.
Q: Why am I unable to set up bank information for my account online?

A: Adding a bank online is usually a simple process. If you’re unable to do so, try these troubleshooting tips:

  • Check that the name you entered matches the one registered to your OppenheimerFunds account.
  • Check that your share class permits online transactions. R share (formerly N) and Y share accounts require a written letter of instruction.
  • Check that special characters aren’t causing the problem. If your name is hyphenated, for example, try combining or removing the hyphen. Note that names with less than three letters or that use apostrophes cannot be added online.

If you are still unable to set up your bank account online, you may need to send in a voided check. Please contact 800.525.7048 for assistance.

Most accounts allow for online banking. Below are some known accounts which are ineligible to add bank information online:

  • Trust accounts
  • Qualified Retirement Plan
  • 403(b)(7)
  • Coverdell
  • UTMA or UGMA Accounts
  • Minor IRA Accounts
Q: How do I perform a wire transfer of funds to OppenheimerFunds?

A: To send money via wire, please give your bank the following information:

ABA/Routing number: 101000695

United Missouri Bank, Kansas City, MO

Beneficiary (BNF): OppenheimerFunds

Beneficiary account number (A/C): 9870432714

Originator to Beneficiary Information (OBI, also known as F/C or Further Credit): Your name and account number

Transfers up to $250,000 may be completed online if you have linked your OppenheimerFunds account to your bank account.

Q: How do I cancel a transaction I just placed online?

A: If the transaction is pending prior to market close, please contact 800.525.7048 for assistance. All transactions are final at the close of the New York Stock Exchange (4pm EST).

Q: How do I change or remove my bank account information online?

A: Please call 800.525.7048 to make changes to or remove an existing bank account.

Q: Where can I go for tax-related questions?

A: Access the Tax Center.

Q: How do I add a beneficiary to my nonretirement or retirement account?

A: To add a Transfer on Death (TOD) registration on your nonretirement account, please complete the Transfer on Death Registration form. A signature guarantee is required to add, change or remove a TOD beneficiary for accounts valued greater than $100,000.

To change your beneficiary designations online for an IRA, Roth IRA, SEP IRA, SARSEP IRA, SIMPLE IRA or 403(b)(7) account, log in and select the beneficiaries tab. For more information, access our Change of Beneficiary Designation guide.

Q: What is a Signature Guarantee and how do I obtain one?

A: A Signature Guarantee is a signature that has been guaranteed by an authorized institution that assumes financial responsibility in case of fraud. A signature guarantee is required to process certain transactions.

An acceptable signature guarantee can be obtained from:

  • A U.S. bank, trust company, credit union or savings association
  • A U.S. registered broker/dealer in securities, municipal securities, or government securities, with whom we have a selling agreement
  • A U.S. national securities exchange, registered securities association, or clearing agency

Shareholders who are members of the U.S. Armed Forces living in the U.S. may also obtain signature guarantees from any one of the following persons, who must indicate their own rank and branch on the guarantee:

  • A Commanding Officer
  • A Unit Adjutant
  • An officer of the Judge Advocate General’s Corps in the branch
Retirement Plan Participant
Q: How do I borrow from my Oppenheimer 403(b) Plan/Single K Plan?

A: Loans are available from the Oppenheimer 403(b) Plan (as long as the Employer allows them), and the Single K Plan (as long as it is chosen as an available option on the Adoption Agreement). You can borrow up to 50% of the account value, not to exceed $50,000 and can have up to two outstanding loans at one time, but only one loan per calendar year. Please contact your financial advisor or an OppenheimerFunds Retirement Plans Service Associate at 1 800 835 7305 for further details including rate and fee structure.

Q: Why can’t I request a distribution from my retirement plan account online?

A: Certain retirement plan distributions require additional tax and regulatory disclosures that must be provided to you in writing. Additionally, group retirement plan distributions, such as those from 403(b)s and 401(k)s, require Employer or Third Party Administrator authorization prior to OppenheimerFunds distributing your funds to you. Please contact us at 800.835.7305 for assistance obtaining the forms and authorization required to complete a distribution.

Q: How do I set up my Required Minimum Distribution (RMD) online?

A: To assist you in calculating your RMD and to enable us to report your future RMD amounts accurately, please contact us at 800.835.7305. You can also download a distribution form for your plan. Please note that 403(b) RMD distributions must be authorized by the Employer or Plan Administrator before you submit your request to OppenheimerFunds.

Q: Where can I see my retirement accounts held by a non-OppenheimerFunds trustee?

A: OppenheimerFunds does not generally provide reporting, recordkeeping and other administrative services for non-trusteed plans. Accounts held by a non-OppenheimerFunds trustee can be viewed only by the named trustee or financial advisor. Please contact the trustee directly to ask about online access, or contact your financial advisor for help.

Q: What are my beneficiary designation options and how do I change my beneficiary?

A: To change your beneficiary designations online for an IRA, Roth IRA, SEP IRA, SARSEP IRA, SIMPLE IRA or 403(b)(7) account, log in and select the beneficiaries tab. For more information, access our Change of Beneficiary Designation guide.

Q: How do I change my salary deferral amount and/or how my deferral is invested?

A: Update your investment options in My Portfolio or by calling us at 800.835.7305. To change your salary deferral amount, complete your employer’s salary reduction agreement. We encourage you to contact your financial advisor before changing your salary deferral amount and/or investments in order to discuss the options that are best for you. Read the prospectus carefully before investing.

General Tax
Q: When will I receive my tax forms?

A: Visit our Tax Forms section for a calendar of mailing dates. Note that if you access your account online and sign up for our eDocs Direct Email service you will receive your tax forms earlier than by postal mail.

Q: What tax forms should I expect to receive?

A: Visit our Tax Forms section for information about the tax forms you may receive as well as a calendar of mailing dates.

Q: Where can I find my Year-End Tax Tables?

A: Visit our Year-End Tax Tables for tables you may need to help complete your tax return.

Q: I didn't receive my tax form. Where can I go to find it?

A: You may not have received a tax form for a variety of reasons.

  • You may not be eligible to receive one. Visit our Tax Forms section for common reasons you may not be issued a tax form.
  • You signed up for our eDocs Direct Email service, which means tax forms will now be sent to you electronically and will not be sent to you via U.S. mail. You can also access your tax forms online through your account.
  • Your mailing address on file is old. Please contact us to update your records and request your tax form be resent.
Q: Where can I access my personal tax forms online?

A: To access your tax forms you must first log in to your online account or establish a new web ID. After logging in, go to the Statements tab and select Tax Forms. Note that not all shareholders are eligible for online access. Please contact us for more information.

Q: I want my tax forms emailed to me. How do I sign up for this service?

A: By signing up for our eDocs Direct Email service you will no longer receive a tax form in the U.S. mail. Regardless of your delivery method, tax forms for most shareholders are available online through your account. Sign up to receive tax forms via email by logging in to your existing web account or establishing a new web ID. Visit My Profile, select Update for email information and select Email for account statements, confirms and tax forms.

Q: My 1099-DIV doesn't say what countries the Foreign Tax Paid is from. Where can I find that information?

A: Registered Investment Companies (RICs) are not required to report country-by-country foreign tax paid on Form 1099-DIV. This information would be used to complete Form 1116 when filing personal taxes to claim the foreign tax credit. Please visit the instructions to Form 1116 at www.irs.gov and search “1099-DIV” for more information on how to complete your Form 1116 in the absence of this information.

Q: My account is registered as an UGMA/UTMA. Does the guardian or minor receive the tax form? Who pays tax on the income?

A: Minor beneficiaries of UGMA and UTMA accounts are the beneficial owners of the accounts. Tax forms will be issued at year end to the minor using their name and tax ID. You should consult your tax advisor on the income tax consequences to the minor. A minor’s unearned income can be subject to taxation rules of the parent. See IRS Form 8615 for more information.

Q: How much tax will I pay if I take a distribution from my IRA or other retirement account?

A: You should consult your tax advisor on the tax consequences of taking a distribution from your retirement account. The answer depends on many factors outside of OppenheimerFunds’ control, such as the use of the funds, your tax bracket and investment income thresholds, applicable early withdrawal penalties, other contribution limitations and more. Please visit IRS Pub 590 for more information.

Q: I just received a Form 5498. I've already filed my taxes. Do I need to amend my tax return?

A: Form 5498 is not issued until April or May each year so that any contributions after December 31 made for the prior tax year can be included on the form. Form 5498 is informational and is not filed with or attached to your tax return. Generally speaking, any information found on Form 5498 is already included on your tax return. Most people who have already filed their tax return won’t need to revise or amend their return. Even so, it’s a good idea to make sure information reported on the Form 5498 corresponds with your tax return. You should discuss any discrepancies with your tax advisor as it may require an amended return.

Q: What paperwork do I need to keep for tax time?

A: Knowing what to save ahead of time to make tax preparation for you (and your accountant) as easy as possible:

  • Keep confirmation statements of mutual fund and other securities purchased and sold, including execution prices and dates.
  • Keep all statements (monthly and quarterly) and all 1099 forms:
    • Your 1099-B will show your proceeds from the sale of securities and other capital assets.
    • Your 1099-DIV will show the dividend income you’ve received.
    • Your 1099-R will show distributions from IRAs, pensions and annuities you’ve received.
    • Visit our Tax Forms section for other forms you may receive.
  • Keep records of how you acquired any securities (purchase, inheritance, gift, etc.) and your cost basis.
  • Keep records if you donate stock (or cash) to a charitable organization (what you donated, the date and the value).
  • Keep records if you give stock or mutual fund shares as a gift (what you gave, the date and the value).

Q: Where do I locate prior Year-End Tax Tables to help me prepare my taxes?

A: Some historical tables are maintained in our Tax Center. For all other tables please visit our Contact Us page and we will be happy to send you the requested tables.

Q: Who do I contact if I need technical help downloading my 1099 information?

A: Download to TurboTax, Quicken or H&R Block at Home is available only if your name appears in your account registration. At times oppenheimerfunds.com may be inaccessible or the transaction feature may be unavailable. Shares held in brokerage accounts, 529 plans, group 401(k) plans and other accounts that are not accessible via oppenheimerfunds.com. We can assist you with other oppenheimerfunds.com account registration or password changes, but you’ll need to use turbotax.com, quicken.intuit.com or hrblock.com for technical questions about setting up or using TurboTax, Quicken or H&R Block at Home.

Q: How do I get my tax refund direct deposited into my OppenheimerFunds account?

A: You can choose to have your federal tax refund deposited into your OppenheimerFunds account. In order to do so, you will need to enter the OppenheimerFunds routing number, 101000695, on IRS Form 8888. You will also need to enter your account number. To fill in your account number, fill the first two spaces provided in the “Account Number” field with 44 and then enter your 15-digit account number. You can deposit your tax refund in to more than one OppenheimerFunds account. Simply repeat the steps outlined above. For additional information or assistance, contact us.

Q: I'm a resident of Puerto Rico, are my municipal bond investments tax exempt?

At this time, we are unable to comment on the tax treatment of our funds’ income to Puerto Rican investors. Such investors are advised to consult a tax professional on this matter.

Q: Which versions of TurboTax, Quicken and H&R Block at Home are compatible with my accounts?

A: You can download to

  • TurboTax and TurboTax Online.
  • Quicken 2009 or later for PC. Please note we do not support Mac Quicken.
  • H&R Block at Home desktop or online versions.

Q: How do I download my OppenheimerFunds 1099 information into TurboTax?

A: Go to Federal Taxes, then Wages & Income, then Your Income Summary. Select the year you wish to work on, select the Update button in the EasyImport section. Select the button to get information from a financial institution, and select “OppenheimerFunds Inc.” as the financial institution. Enter the username and password you currently use to access your accounts at oppenheimerfunds.com as your user ID and password. This will allow TurboTax to connect to oppenheimerfunds.com and retrieve your 1099 tax form information.

Q: How do I download my account information into Quicken?

A: Activate the Quicken account setup wizard and select “OppenheimerFunds” as the financial institution. Enter the username and password that you currently use to access your accounts at oppenheimerfunds.com as your user ID and password. This will allow Quicken to connect to oppenheimerfunds.com and retrieve your transaction information. Please note we do not support Mac Quicken.

Q: How do I download my OppenheimerFunds 1099 information into H&R Block at Home?

A: Click Start a Return, click Take Me To, select a 1099 form from the menu and click Go To, click Import 1099, select “OppenheimerFunds, Inc.” from the list, click Import, enter the authentication credentials and click Import. The screen now should show imported 1099 data.

Cost Basis
Q: How can I calculate cost basis on my own?

A: Cost basis can be a very complicated calculation depending on the method you use. Generally speaking, cost basis starts with the cost you incurred to purchase your shares. Over time cost basis is increased by actions such as dividend reinvestments and decreased by actions such as stock splits and distributions out of return of capital reported to you on your 1099-DIV at year end. Cost basis is also reduced when you sell some of your shares. You may use quarterly or year-end statements to assist you with this calculation when tracking purchases and redemptions of your shares. Statements are available online by logging into your account and selecting the Statements tab. Starting the calculation and tracking early in your investment reduces the work later when you sell your shares since you will have kept a running basis through time. You should consult a tax advisor for assistance in calculating your cost basis.

Q: I'd like to calculate my cost basis. How can I request my statements?

A: First, you should access your account online and select the Statements tab to see what statements you already have available to you. If you need a statement that isn’t available online you can contact us.

Your request should list the years for which you would like statements. If you are sending the request via fax or mail, we require a signed Letter of Instruction.

If you receive your statements from us in the mail please note that they may come in more than one envelope. Please wait a few days before contacting us to follow up on missing statements. OppenheimerFunds will make every effort to honor your request but cannot guarantee access to statements for all years requested. There is currently no charge to request statements. This is subject to change without notice.

Visit the Contact Us page to send us a secure email or to locate our fax numbers, telephone numbers and mailing addresses.

Q: How do I know if my account is "Cost Basis Eligible"?

A: We cannot provide cost basis information in the following cases:

  • If your account includes fund shares purchased before 1988.
  • If your shares are held in IRAs and other retirement accounts (tax-deferred retirement accounts are not subject to annual capital gains reporting requirements).
  • If you purchased shares through a brokerage firm.
Q: What do "covered" and "uncovered" mean on my 1099-B? What about "unknown"?

A: Covered shares are shares we track and report cost basis information to the IRS. Covered shares are shares in your account(s) purchased on or after January 1, 2012, and subsequently sold, except in the case of Oppenheimer SteelPath funds, where covered shares are shares purchased on or after January 1, 2011, due to those funds C Corporation status. Uncovered shares are shares we track your cost basis information for, but do not report to the IRS. Unknown shares are those for which cost basis information is unavailable or deemed unreliable. Unknown shares are shares purchased prior to the IRS regulations requiring funds to track cost basis. Unknown shares’ cost bases are not reported to the IRS.

Q: Are covered and uncovered redemptions reported on separate 1099-B forms?

A: Covered, uncovered and unknown transactions are reported on one Form 1099-B per account.

Q: Will the cost basis method be displayed on the new 1099-B?

A: The IRS does not require us to report or display the cost basis method on the Form 1099-B. However, we provide the cost basis method for the transaction on confirmations and quarterly statements.

Q: How is a redemption that is comprised of both covered and uncovered shares presented?

A: A transaction can include both covered and uncovered shares because the redemption can be comprised of multiple purchases. The redemption transaction will be divided into the appropriate category by covered security, uncovered security, and the type of gain or loss. A transaction where the type of gain or loss is undetermined or unknown will be reported in the undetermined category.

Q: How will OppenheimerFunds calculate my cost basis?

A: Except for Oppenheimer SteelPath funds, where the default cost basis method is First-In, First-Out (or “FIFO”), the Average Cost tax reporting method will be the default cost basis tax reporting method on your account(s) with OppenheimerFunds, unless you specify otherwise. You or your financial advisor may provide standing instructions for your chosen cost basis tax reporting method via telephone, via oppenheimerfunds.com or in writing. We strongly recommend that you work with your financial advisor to determine the cost basis tax reporting method that best suits your needs.

Q: If I want to change my reporting method from the default method, which methods of cost basis tracking will OppenheimerFunds accommodate?

A: We will accommodate any of the following methods of cost basis tracking:

  • Average Cost: Shares are redeemed at the Average Cost of all covered shares in the account at the time of the redemption. Specific IRS restrictions apply to changing to and from Average Cost. As mentioned earlier, Average Cost will be a tax lot relief cost basis tax reporting method on your account(s) with OppenheimerFunds, with the exception of the Oppenheimer SteelPath funds, which cannot accept Average Cost as the default method due to their status as C Corporations.
  • First-In First-Out (FIFO): Shares purchased first are redeemed first.
  • Highest-In First-Out (HIFO): Shares with the highest cost are redeemed first.
  • Last-In First-Out (LIFO): Shares purchased last are redeemed first.
  • Low Cost: Shares with the lowest cost are redeemed first.
  • Specific Share Identification: Shares are redeemed in the order specified at the time of the redemption. We can provide transactional reporting on this method but specific share identification cannot be used as a standing method on your account(s).

    For each account you hold with us, you have until the time of your first redemption of covered shares to change your tax reporting method from Average Cost. Once you redeem any covered shares, we will report that sale of covered shares to the IRS using Average Cost, or the standing reporting method on file.

Q: How will changing my reporting method affect my Automatic Withdrawal or Exchange Plan?

A: If assets are systematically redeemed or exchanged out of your account(s), we will default to using the standing reporting method instructions currently on file. If no instructions are on file, we will default to the default method.

Q: Will I still need to include uncovered share amounts when reporting my cost basis information to the IRS?

A: Yes. While we will not report cost basis information for uncovered shares on Form 1099-B, you will still be required to report this cost basis information to the IRS. Please consult a qualified tax advisor for any questions about how your own tax returns will need to be filed.

Q: If I have multiple account types through OppenheimerFunds, such as a trust account, a sole owner account and a joint tenancy account. Will all of these use the same reporting method?

A: With the exception of the Oppenheimer SteelPath funds, which cannot use Average Cost as a tax lot relief method, we will default your accounts using a uniform “blanket election,” meaning that all accounts held in your name as well as those where you are allowed to negotiate will be subject to the same reporting method. For example, if you are the trustee of a trust and own a sole owner nonretirement account, both of these accounts will default to your standing instructions. Should you choose to do so, you may instruct us to use different methods for each account that you are allowed to negotiate.

Q: How will exchanges from existing accounts into new accounts be handled?

A: New accounts opened via an exchange will use the cost basis tax reporting method that was in place in the existing account, unless you instruct us otherwise. Exchanges from existing accounts with Average Cost as the tax lot relief method into new Oppenheimer SteelPath accounts will default to FIFO. New accounts opened via an exchange from a money market fund will default to the Average Cost method (except for the Oppenheimer SteelPath funds, where the default method is FIFO),unless we are otherwise instructed. For new accounts opened via a new account application, these accounts will default to Average Cost (except for the SteelPath funds as noted), unless another method is indicated on the new account application.

Q: Are shares with reinvested capital gains and dividends purchased on or after January 1, 2012, or in the case of Oppenheimer SteelPath funds January 1, 2011, considered covered shares?

A: Yes, since these shares are purchased after the IRS regulations take effect, they are considered covered shares, even if the reinvested dividends and capital gains were earned on uncovered shares.

Capital Gains
Q: What causes capital gains?

A: Capital gains (or losses) may be generated when:

  • A portfolio manager sells securities held by a mutual fund. These gains or losses are passed on to shareholders in the form of capital gains distributions and must be reported on your tax return (even if they are reinvested).
  • A shareholder sells shares of a mutual fund. If you sell your shares for more than their cost basis, you incur a capital gain that must be reported on your tax return. If you sell your shares for less than their cost basis, you incur a capital loss for which you may be entitled to a tax deduction.
  • A shareholder’s cost basis in their investment is reduced to zero. If you receive distributions after getting back all of your cost (or other basis) you may need to report those future distributions as capital gains. See IRS Publication 550, Investment Income and Expenses at www.irs.gov.

For more information on capital gains, capital losses, and cost basis, visit IRS Publication 551 Basis of Assets.

Q: What are the main federal income tax effects of owning mutual funds?

A: In general, investors holding mutual fund shares in taxable accounts may be subject to income taxes as a result of two types of events:

  • When the investor sells or exchanges shares at a profit, realizing a capital gain.
  • When the fund pays dividends from investment income and short-term capital gains or pays capital gains distributions.

Income dividends represent the interest and dividend income the fund received on its portfolio and short-term capital gains the fund earned on securities the fund sold. Capital gains distributions represent the profits a fund makes when it sells portfolio securities held more than one year and realizes capital gains. In both cases, the fund typically passes through that income or gain to its shareholders in the form of dividends or capital gains distributions.

Q: If I reinvest all my fund distributions, will they still be subject to income taxes?

A: Distributions of dividends and capital gains by your fund may be subject to income tax regardless of whether you receive them in cash or reinvest them in additional shares.

Q: How are my mutual fund distributions taxed?

A: Distributions from a mutual fund may consist of dividends, short term capital gains, long term capital gains, return of capital and so on. Visit IRS Publication 550 Investment Income for more information. You may also have Alternative Minimum Tax and State Tax considerations. You should consult your tax advisor.

Q: How is the sale of my mutual fund shares taxed?

A: Redemptions of your shares may result in capital gains or losses. Visit IRS Publication 550 Investment Income for more information. You may also have Alternative Minimum Tax and State Tax considerations. You should consult your tax advisor.

Q: What are "returns of capital" and how are they taxed?

A: A return of capital is a distribution by a fund that is not from its earnings or profits. A return of capital is non-taxable to the extent of your basis in the shares. You would reduce your basis in the shares by the amount of the distribution. Any return of capital will be separately identified when you receive your tax statements such as on Form 1099-DIV Box 3. Any return of capital that exceeds cost basis may be treated as a capital gain. Visit IRS Publication 550 Investment Income for more information.

Q: What is a "wash sale"?

A: Under the Internal Revenue Code, the wash sales rules are very complicated. In general, as applied to a mutual fund investment, a “wash sale” is the sale and subsequent repurchase of shares of the same mutual fund within 30 days. The wash-sale period starts 30 days before the share is sold and ends 30 days after that sale. The IRS does not allow investors to use a “wash sale” as a tactic for realizing a capital loss for tax purposes. If the transaction is subject to the wash sale rule, and if there is any loss on the sale (including a difference in value because of the sales charge that was paid), it is not recognized for federal income tax purposes and generally cannot be used to offset capital gains. Investors would have to wait at least 30 days before repurchasing shares in a fund sold for a loss. This could have negative investment effects for your portfolio strategy, depending on market activity. Wash sale adjustments resulting from this rule are reported to you on Form 1099-B.

Need Further Help?

If you need further assistance, please visit our Contact section, or call us at 1.800.525.7048*

* We are available Monday-Friday, 8am - 8pm EST

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