Watched unclaimed property the other night. we have a mutual fund thats 40 yrs. old. we don't know how much it

Question

's worth? does anyone know anything about mutual funds? my husband got it before we were married. When we claimed it they sent us a tax form.It's profit sharing from schlitz co. All we know is we have shares.

Answer 1

Profit sharing funds I think are not taxed until withdrawn. But they are not under the same rules as other retirement investments.

That is why the tax form.

Depending on your age you might want it to be directly deposited in to an IRA, if you can, to avoid that tax.

Answer 2

A mutual fund is a pool of investors where a professional manger is making sure that your investment is doing what it's supose to do. This investment is generally on the American economy. If you had a mutual fund and you invested $1 000 initialy; you should have about one quater of a million dollars by now.

Now if you have one stock (not a mutual fund) of a specific company; that's very different and there is no way to know how much you may have unless you ask for the value of the asset.

Either case you will be taxed on the difference between the price that the investment was purchased and the current price at the moment you sell it.

Good Luck.

I have a wealth of resourses in my blog.

Answer 3

That doesn't sound like a mutual fund.  It sounds like a stock DRIP.