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Dodge & Cox Funds’ 2023 Tax Guide
Learn more about Forms 1099-DIV and 1099-B, including information that may be useful in preparing certain state tax returns.
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Dodge & Cox Funds’ 2023 Supplemental Tax Reporting Information
Learn more about Fund distributions and other data that may be useful for tax reporting purposes.
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Dodge & Cox Funds’ 2023 Non-resident Alien (NRA) Tax Reporting
This datasheet details NRA-exempt income and short-term gains for the Funds.
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Tax forms at a glance
Form
Mailed to
When
Purpose and use
Year-end statement
All investors
Early January
Reports distributions, activity and year-end balances in each Fund account for the year
Form 1099-B
Investors who sold shares
Late January
Reports proceeds from sales (redemptions or exchanges) of shares
Form 1099-DIV
All taxable accounts
Late January
Reports taxable distributions for the year
Form 1099-R
IRA investors who withdrew money
Late January
Reports withdrawals from IRAs
Form 1042-S
Foreign investors
Mid-March
Reports taxable dividends and income tax withheld on accounts
Form 5498
IRA investors with contributions or rollovers
Late May
Reports previous year’s regular and rollover IRA contributions to traditional and Roth IRAs and SEP IRAs
Form
Year-end statement
Mailed to
All investors
When
Early January
Purpose and use
Reports distributions, activity and year-end balances in each Fund account for the year
Form
Form 1099-B
Mailed to
Investors who sold shares
When
Late January
Purpose and use
Reports proceeds from sales (redemptions or exchanges) of shares
Form
Form 1099-DIV
Mailed to
All taxable accounts
When
Late January
Purpose and use
Reports taxable distributions for the year
Form
Form 1099-R
Mailed to
IRA investors who withdrew money
When
Late January
Purpose and use
Reports withdrawals from IRAs
Form
Form 1042-S
Mailed to
Foreign investors
When
Mid-March
Purpose and use
Reports taxable dividends and income tax withheld on accounts
Form
Form 5498
Mailed to
IRA investors with contributions or rollovers
When
Late May
Purpose and use
Reports previous year’s regular and rollover IRA contributions to traditional and Roth IRAs and SEP IRAs
Cost basis
Generally, cost basis is the original amount you paid for shares in your Fund account, including the value of reinvested dividends and capital gains. Upon a sale or exchange of Fund shares within a taxable account, you’ll realize a capital gain or loss, which is determined by comparing the sales price to the cost basis. The Internal Revenue Service (IRS) requires mutual fund companies to report the cost basis of shares that are acquired after January 1, 2012.
Cost basis methods available for covered shares
Average Cost (ACST)
You direct us to sell shares at an average acquisition price.
First-In, First-Out (FIFO)
You direct us to sell the oldest shares in your account first.
Last-In, First-Out (LIFO)
You direct us to sell the newest shares in your account first.
High-Cost, First-Out (HIFO)
You direct us to sell the highest cost shares in your account first.
Low-Cost, First-Out (LOFO)
You direct us to sell the lowest cost shares in your account first.
Loss/Gain Utilization (LGUT)
You direct us to evaluate gains and losses within the share lots in your account, and to sell lots with the largest losses first in a prescribed procession.
Specific Lot Identification (SLID)
You inform us upon each sale of which specific shares to redeem, along with a secondary method to be used as necessary.
You have several ways to elect a cost basis method for covered shares in an account.
• Complete an online form. Log in to your account then navigate to "Change Cost Basis Method".
• Complete and mail a Cost Basis Election Form.
• Speak with a Client Services representative by calling 1-800-621-3979 between 8:00 a.m. and 7:30 p.m., Eastern Time.
FAQs
Regular taxable accounts
Yes. The value of reinvested dividends and distributions will be included on Form 1099-DIV and must be reported on your tax return. The shares you receive on the reinvestment are treated as newly purchased shares.
Capital gain distributions from a mutual fund are distributions of the net capital gains derived from sales of securities within the Fund. As a result, they can occur in a Fund even in a period when the Fund’s total return is low or negative. To comply with IRS requirements, the Dodge & Cox Funds normally distribute net capital gains annually. When a Fund sells an individual security, the Fund tracks the difference between the selling price and cost basis to determine the gain or loss produced by the sale. At the end of each tax year, the Fund accumulates the gains and losses for all securities sold by the Fund during the year and any loss carryforward from prior years. If the net amount is positive, the Fund will make a capital gain distribution to shareholders.
Yes. If you sell (redeem or exchange) shares in your Fund account, the gain or loss on that sale must be reported to the IRS on your tax return. By early February, you will receive Form 1099-B, which reports the proceeds you received from your sale. This information is reported to the IRS.
Yes. For tax purposes, an exchange is considered a sale of shares of one Fund and the purchase of shares of another. The gain or loss on the shares you sell in the exchange transaction must be reported on your tax return. By early February, you’ll receive Form 1099-B, which reports the proceeds you received from your sale.
Your gain or loss is determined by comparing the amount you realize from the sale (sales proceeds) against the cost basis of the shares sold.
Generally, cost basis is the original amount you paid for shares in your Fund account, including the value of reinvested dividends and capital gains. The IRS requires mutual fund companies to report the cost basis of Fund shares that were acquired after January 1, 2012 (covered shares). If you have covered shares, you may elect a cost basis method for your account from several available methods. Dodge & Cox Funds will report the cost basis information to you and to the IRS on Form 1099-B following the year in which a sale of covered shares occurs. For more information on available cost bases methods, please click on the Cost Basis link at the top of this page.
For shares acquired prior to January 1, 2012 (non-covered shares), only Average Cost basis reporting can be provided by the Fund. For most regular taxable Fund accounts opened after November 1987, Dodge & Cox Funds have been tracking and reporting cost basis information using the Average Cost method. This information is reported to you on Form 1099-B and is not reported to the IRS. If you choose to use a method other than the Average Cost method for non-covered Fund shares, you are responsible for keeping those records.
Short-term capital gains are gains on securities held one year or less. They’re generally taxed at the same rates as ordinary income. Short-term capital gain distributions from the Fund are reported as ordinary income on your Form 1099-DIV.
Long-term capital gains are gains on securities held more than one year. They’re generally taxed at a maximum federal rate of 15% or 20%, depending on your level of taxable income.
Traditional IRAs (including SEP IRAs) and Roth IRAs accounts
Yes. Your year-end balance, which appears on the year-end account statement sent to you in early January, is reported to the IRS.
Yes. Form 5498, which is sent to you in May, reports your total IRA contributions attributed to the previous tax year. This information is reported to the IRS.
Yes. Form 5498 is sent to you in May showing rollover amounts received into your Dodge & Cox Funds IRA during the previous year. This information is reported to the IRS.
No. Assets exchanged between Dodge & Cox Funds within your IRA aren’t taxable. The transaction is not reported to the IRS.
No. In general, as long as the investment remains in an IRA or other qualified retirement account, and the rollover was properly completed within 60 days, the rollover proceeds aren’t taxable. According to federal tax law, you’re allowed one IRA-to-IRA rollover within a one-year period (365 days). By early February, you’ll receive Form 1099-R, which reports the amount of the withdrawal from your Dodge & Cox Funds IRA. This information is reported to the IRS. The custodian of the IRA which received the rollover should report the receipt on Form 5498 in May following the year of receipt.
No. In general, a direct transfer from one IRA custodian to another IRA custodian isn’t taxable.
Yes. By early February, you’ll receive Form 1099-R, which reports the amount of your distributions from your Dodge & Cox Funds IRA. This information is reported to the IRS.
Yes. A Roth IRA conversion is considered to be a distribution from your traditional IRA and a contribution by way of conversion to a Roth IRA. By early February, you will receive a Form 1099-R that reports the amount converted from the traditional IRA. In May, you'll receive a Form 4498 reporting the amount converted to your Roth IRA. This information is reported to the IRS. In general, the amount of the conversion must be recognized as taxable income.
Cost basis reporting
If you didn’t elect a cost basis method prior to January 1, 2012, Dodge & Cox Funds’ default cost basis method of Average Cost has been applied to your taxable accounts.
The Average Cost basis accounting method is handled uniquely under the IRS regulations as compared to other cost basis methods. If you elect or are defaulted to the Average Cost method for your covered shares, you may retroactively change to another method (revocation) at any time prior to the first redemption or transfer of shares from your account.
Following the first redemption or transfer of covered shares out of a Fund account, any change from the Average Cost method will be applied prospectively only to new shares acquired. Unlike other cost basis methods where changes can be conveyed via the phone, Average Cost basis elections and revocations must be made online or by submitting a paper Cost Basis Election Form.
If you sell or exchange non-covered shares within a taxable Fund account, and the Dodge & Cox Funds have Average Cost basis information for your shares, the cost basis and holding period information will be reported to you on Form 1099-B. If you sell or exchange covered shares within a taxable Fund account, the cost basis method used for tax reporting will be the method you elected or Average Cost if you didn’t make an election.
You may always change a cost basis election prospectively for covered shares acquired from that date forward. If you elect or are defaulted to Average Cost, and there haven’t been any redemptions or transfers of covered shares from your account, you may revoke your prior election and retroactively elect a different cost basis method for your covered shares. However, once you sell covered shares using the Average Cost method, you may not change your cost basis method on existing covered shares in your account. For all other cost basis methods, you may change your cost basis method on existing covered shares at any time.
No. Under current IRS regulations, you aren’t allowed to change the cost basis method used for a sale after it has occurred.
If you sell shares in a taxable Fund account, Dodge & Cox Funds will deplete any non-covered shares first, unless you specifically identify other share lots you wish to sell.
We’re happy to discuss your account options with you. However, as Dodge & Cox Funds aren’t in the business of providing tax or legal advice, we recommend seeking advice from an independent tax advisor.
Transfers and multiple accounts
Yes. Dodge & Cox Funds will carry over your elected cost basis method for covered shares if you exchange into a new Fund account.
Yes. The law requires that Dodge & Cox Funds send your financial intermediary firm a cost basis statement if we have cost basis information for covered shares in your Fund account. Cost basis information for non-covered shares will not transfer.
Gifting or transferring shares can create a complicated tax issue. Under IRS regulations, gifted covered shares remain covered shares. Generally, a recipient of gifted shares accepts the “carryover” original cost basis and holding period from the donor. However, in the case of shares gifted at a loss, and subsequently sold at a loss, the recipient is required to use the fair market value of the shares on the date of the gift as the cost basis.
Special tax rules apply in the event of transfers of shares between spouses, between accounts with common ownership, or due to divorce. As Dodge & Cox Funds aren’t in the business of providing tax or legal advice, we recommend seeking advice from an independent tax advisor.
Inheriting shares can create a complicated tax issue. Usually, the cost basis is the fair market value of the shares on the date of death and the date of death is used as the acquisition date. However, an authorized representative of an estate can provide alternative instructions.
Special tax rules apply for certain joint account registrations, trusts and partnerships. As Dodge & Cox Funds aren’t in the business of providing tax or legal advice, we recommend seeking advice from an independent tax advisor.
TurboTax® information
If you use TurboTax® tax preparation software, you’ll be able to import your Dodge & Cox Funds tax form information, including Forms 1099-Div, 1099-B, and 1099-R, generally after January 31.
To import the information into the TurboTax® software, navigate to the Form 1099 import section within the Federal Taxes section of the program. Select "Dodge & Cox Funds" from the list of available financial institutions, and you’ll be prompted to enter your User ID and Password used for Dodge & Cox Funds Account Access.
Reference
You can obtain forms and publications from the IRS by calling 800-TAX-FORM, or by visiting the IRS website. You may wish to request the following publications:
• For regular accounts: IRS Publication 550, "Investment Income and Expenses", and IRS Publication 551, "Basis of Assets"
• For IRAs: IRS Publication 590-A, "Contributions to Individual Retirement Arrangements (IRAs)" and IRS Publication 590-B, "Distributions from Individual Retirement Arrangements (IRAs)"
If you require specific information concerning your individual tax situation, please consult with a tax advisor or refer to IRS and state instructions for preparing income tax returns. Dodge & Cox Funds aren’t in the business of providing tax or legal advice. These materials and any tax-related statements are not intended or written to be used, and can’t be used or relied upon, by any taxpayer for the purpose of avoiding tax penalties. Tax-related statements, if any, may have been written in connection with the "promotion or marketing" of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Any taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.
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Dodge & Cox Funds
P.O. Box 219502
Kansas City, MO 64121-9502
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Dodge & Cox Funds
430 W. 7th Street, Suite 219502
Kansas City, MO 64105-1407
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