The "estimated 2006 capital gains distribution" for a mutual fund of mine lists both short-term and long-term gains. But, their 2005 1099 just listed "total" cap gains, which also seems to be what TaxCut 2005 expected. Googling around, it looks like short-term gains really are supposed to be taxed as ordinary income, which sounds vaguely familiar, but leaves me fairly befuddled.
- Did I screw up my 2005 taxes?
- Is something different for 2006?
- Something else?
Thanks, George