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Frequently Asked Questions

Opening an Account
Q: How do I open an account with OppenheimerFunds?

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

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:

Account Types Documentation Needed
Non-Retirement (Individual, Joint Account, Trust, Corporation, Estate, or Uniform Gifts to Minors Act (UGMA) / Uniform Transfers to Minors Act (UTMA).
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.

 

 

 

 

 

 

 

 

 

 

 

 

 

Paperwork, forms and applications can be uploaded at www.oppenheimerfunds.com/upload.

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 suggestions to start your search:

  • Collect Names – Ask people you know (both personally and professionally). You can also search online via the Financial Planning Association and Certified Financial Planner Board of Standards websites.
  • Conduct Interviews – Treat initial meetings like a job interview by asking the advisor how they will help you pursue your financial goals.
  • Make an Informed Choice – Verify your candidates’ professional credentials online with free “BrokerCheck” through the Financial Industry Regulatory Authority.
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. Generally, I shares are only available to institutional investors and can only be purchased with a $1M initial investment. The Class I share minimum initial investment will be waived for retirement plan service provider platforms.

Q: How do I create, register, or access my accounts online?

A: To create a free online profile, please follow these steps:

1. Visit: https://www.oppenheimerfunds.com/investors/register

2. Enter your Social Security Number and 15-digit OppenheimerFunds Account Number.  

3. Acknowledge that you have read and accepted the Online Account Access Policy and Security Policy by checking the box below Account Number, then click “Continue.” 

4. Complete the requested information on each of the following pages, clicking “Next” after each section.

5. When your user ID and password have been successfully created, you will receive a confirmation page that states “Success!  Ready to Log in?”  You can then view your account by clicking the “Access Your Account” button.

Please be aware that the first time you log in you will be prompted to register the device you use and obtain a PIN/validation code (code).  We recommend having the code sent to you by text message or via automated voice message.  For security purposes, your validation code will expire 20 minutes after it is created. 

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

A: Sign up for Electronic Document Delivery (eDocs Direct) to receive timely notification of statements, tax forms, and confirmations. Go to your Profile to confirm and update after you log in. 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 confirmations are located on the Statements tab of your Portfolio Summary page.

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

A: We retain the last 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.

Account statements are produced quarterly and are retained within the calendar year. At year-end, annual statements with transaction details for the entire year are made available.

In light of the Security Exchange Commission (SEC) ruling regarding Retention of Records Relevant to Audits and Reviews, records are retained for a period of seven years.  As such, we encourage shareholders to consider keeping their historic documents.

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

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.

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

A: If you have an online account, you can log in 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.

Please Note: When an address is changed, a 15-day hold is applied to all redemptions being sent by check in the mail. A check can still be mailed out if the request is received in writing with a Signature Guarantee stamp.

Also Note: If would like to update your address to an address outside of the United States, please complete an Account Change Application.

Paperwork, forms and applications can be uploaded at www.oppenheimerfunds.com/upload. Yes, you can upload paperwork, forms and applications at

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

A: If you have an online account, you can log in and add a new bank account by visiting the Bank Information tab in your portfolio and clicking Add New Bank Account.

If you do not have an online account, you can use the Account Link and Asset Builder Authorization Form to establish Account Link 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(s).

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

A: If you already have Account Link or Asset Builder setup, but would like to change some of your information, you can use this application or log in to your account. To ensure changes are implemented in the current month, please be sure to make any changes five days prior to your pull date. After new bank details are added online, there is no waiting period for a new purchase into your OppenheimerFunds account(s). However, there is a 10 calendar day waiting period to redeem funds via ACH to the new bank. To make changes or remove an existing bank account, please contact Customer Support at 800.525.7048.

Paperwork, forms and applications can be uploaded at www.oppenheimerfunds.com/upload.

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 options:

  • 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 account types which are ineligible to add bank information online:

  • Trust accounts
  • Qualified Retirement Plan
  • 403(b)(7)
  • Coverdell
  • Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA) Accounts
  • Minor IRA Accounts
Transactions
Q: How can I contribute to my existing OppenheimerFunds account?

A: To add to your existing OppenheimerFunds account, select one of the following methods:

1. Use the Asset Builder feature.

2. Transact online. Log in to your OppenheimerFunds online account and select Purchase from the Actions dropdown menu.

3. Transact with a Service Associate. Call 800.525.7048 for investors or 800.835.7305 for retirement plans.

4. Request via uploading a Letter of Instruction at www.oppenheimerfunds.com/upload

5. Request via fax with a Letter of Instruction to 303.768.1500.

6. 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: What is Asset Builder?

A: Asset Builder is an option that we offer that enables you to setup an automatic purchase for a set amount from your bank account to your OppenheimerFunds account on a schedule of your choosing. This can be set to occur up to four times per month, or on a quarterly, biannual, or annual basis, depending on preference.

Q: How do I set up Asset Builder?

A: 

1. Login to your OppenheimerFunds Account

2.

(a) If you have already linked a bank, select the Automatic Transactions tab.
(b) If you have not linked your bank account, please follow these instructions to set up AccountLink.

3. Click on the Add New Purchase button and follow the instructions on the subsequent page.

OR

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

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

  1. Transact online. Log in to your OppenheimerFunds online account, and select Exchange from the Actions dropdown menu.
  2. Transact with a service associate. Call 800.525.7048 for investors or 800.835.7305 for retirement plans.
  3. Request via uploading a Letter of Instruction at www.oppenheimerfunds.com/upload.
  4. Request via fax with a Letter of Instruction to 303.768.1500.
  5. Mail your Letter of Instruction 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

Q: How do I redeem (Sell)?

A: To redeem your existing OppenheimerFunds account, select one of the following methods:

  1. Transact online. Log in 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. Transact with a service associate. Call 800.525.7048 for investors or 800.835.7305 for retirement plans. 
  3. Request via uploading a Letter of Instruction at www.oppenheimerfunds.com/upload.

  4. Request via fax with a Letter of Instruction to 303.768.1500.

  5. Mail your Letter of Instruction via U.S. mail.

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

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

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 uploading a Letter of Instruction at www.oppenheimerfunds.com/upload.

Request via fax with a Letter of Instruction to 303.768.1500.

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 roll over funds into an OppenheimerFunds IRA?

A: To roll 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.

 Keep in mind an OppenheimerFunds IRA is not your only option. Be sure to understand the benefits and limitations of all of your available options and consider those factors and other concerns specific to your individual circumstances before making your decision.

Paperwork, forms and applications can be uploaded at www.oppenheimerfunds.com/upload.

Q: My former employer involuntarily rolled my 401(k) assets into an IRA at OppenheimerFunds. What do I do now?

A: You will first need to register the account using the IRA Account Application. This is to verify the information that came to OppenheimerFunds from your previous employer.  At minimum, we need section 1 (account registration) and section 11 (signature) filled out, but any other account options or fund selections can be completed on this form as well. Once the account is registered, you may choose to:

1. Keep your account with OppenheimerFunds.

2. Request a full or partial distribution from your account (taxes and penalties may apply). This may be completed online once an online account is registered, via telephone, or using the IRA Distribution Request Form.

3. You may transfer your IRA. This may be initiated by the receiving firm using a Letter of Acceptance, but you can also use the IRA Distribution Request Form

Paperwork, forms and applications can be uploaded at www.oppenheimerfunds.com/upload. Yes, you can upload paperwork, forms and applications at

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. Any changes (e.g., stop, change dollar amount, etc.) must 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 to each fund.

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. There is no downloadable Letter of Instruction template from Oppenheimerfunds.com. Account holders should provide the letter, which should include:

  • Account registration or account numbers.
  • Social Security Number (SSN) or Employer Identification Number (EIN).
  • Phone number for the broker or account holder.
  • Detailed instructions on what the account holder is requesting.

Paperwork, forms and applications can be uploaded at www.oppenheimerfunds.com/upload. Yes, you can upload paperwork, forms and applications at

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

 

All paperwork bearing a Signature Guarantee must be mailed to:

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

 

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

Life Events
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.

Age of majority can vary by state but is usually 18 or 21 unless designated otherwise when the account was opened.  Once a minor reaches this age, the funds are legally theirs and only they can transact on the account.  Their options are:

Re-register the account in their name.

  • Account Application for Nonretirement Accounts  for UGMA/UTMA
  • IRA Application for Traditional IRA and Roth IRA for an IRA for Minor
  • Letter of Instruction stating the minor is re-registering their minor account

Perform a full redemption

  • Can be completed over the phone
  • Will be sent to the address listed on the account
  • May have tax implications and should consult a tax advisor before redeeming
Q: My child is still under the age of majority; how can I take money out of my child’s minor account?

A: This can be performed via our website, by calling OppenheimerFunds, or by completing either the Redemption Form for Nonretirement Accounts for UGMA/UTMA or the IRA Distribution Booklet for an IRA for Minor.

Please note that:                                     

  • The funds must be used for the benefit of the minor.
  • Redemptions on both UGMA/UTMA and IRAs for Minors can have tax implications and you should consult a tax advisor before redeeming.
Q: What documents are required for a power of attorney to negotiate on an account?

A:

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: What should I do if I recently lost a loved one?

A: The experience of losing a loved one can bring substantial emotional and financial complexity into your life.  If you have recently lost a loved one please accept our sincere condolences. We have gathered this set of steps as a guide for you and your financial professional.  The OppenheimerFunds Estate Team is here to help when you are ready for caring, tailored support during this difficult time. You can reach the dedicated Estate Team directly by calling: 800.228.7774.

Step 1: CONTACT relevant parties such as a funeral home and county clerk to request copies of the death certificate and inquire about the probate process.  Consider retaining an attorney qualified in estate matters to assist with the process.

Step 2: LOCATE relevant documents such as the last will and testament, trusts, brokerage or investment statements, insurance or annuity contracts, bank statements, and beneficiary designations.

Step 3: CONTACT financial institutions to make claims and update accounts.  The OppenheimerFunds Estate Team stands ready to provide specialized assistance in acquiring and completing the correct forms to transfer the assets.

Q: My name has changed due to marriage or a reason other than divorce; how do I update that with OppenheimerFunds?

A: If you have Retirement and/or Non-Retirement Accounts, to update your name, we require:

  • A signed and completed Name Change Form.
  • Only one of the following:
    • A copy of the appropriate legal document that references your name change (e.g., marriage certificate or court order).
    • Your signature guaranteed on the Name Change Form. (You may wish to reference the Signature Guarantee Instructions for additional information about obtaining a Signature Guarantee.)

If you have Outside Trusteed Accounts, to update your name, we require:

  • A letter of instruction from the trustee(s) signed in their capacity.
Required Minimum Distribution (RMD)
Q: What is RMD?

A: RMD stands for Required Minimum Distribution.  It is an amount the IRS requires to be taken out of Retirement accounts on an annual basis once a person reaches the age of 70½.

Q: How much do I have to take?

A: The amount you must take is calculated annually and will vary each year.  It is based on your account year-end balances and calculated with a life expectancy divisor from the IRS.

Q: Do I have to take it from all of my accounts with OppenheimerFunds?

A: The RMD must be taken from the following retirement plans:  Traditional, SEP, SIMPLE, and SARSEP IRAs, 403(b)s, Single K (both Traditional and Roth plans), Profit Sharing Plans and other qualified plans.  You can aggregate it with amounts in the same plan type you may have elsewhere.

Q: When do I have to start taking it?

A: You must begin the distributions in the year you turn 70½.  Your first distribution must be taken no later than April 1st following the year you turn 70½ and all subsequent distributions must be taken by December 31st.  If you wait until April 1st following the year you turn 70½, you must take two distributions that year.

Q: I don’t really need the funds. Do I have to receive the money?

A: The RMD is required to leave the account and cannot go into another retirement account.  However, you can choose to have your RMD transferred to an OppenheimerFunds Non-Retirement Account.  If you don’t already have one, you can open one with the Account Application for Non-Retirement Accounts.

Q: How do I start taking it?

A: You have several options depending on your type of plan:

1. IRAs can be redeemed from Oppenheimerfunds.com, with an associate at 800.835.5947, or by completing and returning an IRA Distribution Form.

2. 403(b), Single K, and other qualified plans will need paperwork completed.  Please call and one of our associates will assist you at 800.835.7305.

You also have the option to set up a systematic distribution to occur monthly, quarterly, or annually if you prefer.

Q: Do I have to pay taxes on this?

A: RMDs are taxable distributions and the amount you must pay (if any) depends on each individual’s tax situation.  Please consult with your tax advisor to determine your best course of action.

Q: What happens if I don’t take my RMD?

A: There is an IRS penalty of 50% of the non-distributed amount.  Please consult your tax advisor if you believe you have not taken your RMD in a timely manner.

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 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: 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.

Tax-Related Questions
Q: When will I receive my tax forms and what tax forms should I expect to receive?

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.

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: 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 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 Center for common reasons you may not be issued a tax form.
  • You may have 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 by logging in to your account. After logging in, go to the Statements tab and select Tax Forms.
  • Your mailing address may be out of date. Please Contact Us to update your records and request your tax form to be resent.
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.

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.

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 beyond 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.

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: 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: What types of tax/account software (e.g., TurboTax, Quicken, H&R Block at Home) are compatible with my OppenheimerFunds accounts and how do I download my information?

A: You can download to

  • TurboTax and TurboTax Online.

    • To download OppenheimerFunds 1099 information into TurboTax, 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.

 

  • Quicken 2009 or later for PC. Please note we do not support Mac Quicken.

    • To download OppenheimerFunds information into Quicken, 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.

 

  • H&R Block at Home desktop or online versions.

    • To download OppenheimerFunds 1099 information into H&R Block at Home, 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 should now show imported 1099 data.
Cost Basis
Q: What is cost basis?

A: Initially, cost basis is the original purchase price of your shares.  If you sell your shares for a price different than your cost basis, you may realize capital gains or losses that must be reported to the IRS.  Over time, your cost basis can change whenever the number of shares in your account changes.  Cost basis can be affected by buying or selling shares, receiving dividends or capital gains distributions, receiving shares as a gift or inheritance, or events such as share splits.  Cost basis calculations can be complex and you may wish to consider consulting a qualified tax advisor with specific questions.

Q: How can I access my cost basis information?

A: 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.

We encourage you to consult a tax advisor for assistance in calculating your cost basis.

Q: How will OppenheimerFunds calculate my cost basis?

A: 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.  (The exception to this is Oppenheimer SteelPath Funds, where the default cost basis method is First-In, First-Out (FIFO) because these funds cannot use Average Cost.)  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: How do I know if my account is "Cost Basis Eligible"?

A: Generally speaking, non-retirement accounts held directly through OppenheimerFunds are eligible for a cost basis calculation.

Please note that 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 shares" and "uncovered shares" mean on my 1099-B? What about "unknown shares"?

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 basis are not reported to the IRS.

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: 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 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 (first in, first out. 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 Oppenheimer 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 took effect, they are considered covered shares, even if the reinvested dividends and capital gains were earned on uncovered shares.

Capital Gains
Q: How are capital gains generated?

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.

For more information on capital gains, capital losses, and cost basis, speak with your tax advisor.

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:

  1. When the investor sells or exchanges shares at a profit, realizing a capital gain.
  2. 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 that income or gain to its shareholders in the form of dividends or capital gains distributions.

Q: How are distributions from the mutual fund in which I am invested in taxed?  And what happens if I reinvest a fund distribution?

A: Distributions paid by a mutual fund to you as a shareholder may be comprised of dividends, short-term capital gains, long-term capital gains, return of capital and so on. Thus, such distributions may be subject to income tax. Please be aware that you may then have Alternative Minimum Tax and State Tax considerations.

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

Please consult with a qualified tax advisor for additional questions regarding taxability.

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.

Q: What is a "wash sale"?

A: Under the Internal Revenue Code, wash sale 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.

Upload Forms
Q. Can I send paperwork and completed applications/forms via Oppenheimerfunds.com?

A: Yes, you can upload paperwork, forms and applications at www.oppenheimerfunds.com/upload.

Q. I submitted forms/docs, but never received a confirmation email. Where can I check the status of my request?

A: If the confirmation email cannot be located in your spam folder, please contact us to check the status of your request.

Q. Can I upload multiple files at a time?

A: At this time we only accept one file per upload, please consolidate into one file or use an alternative method of fax or mail.

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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