2011 Tax Information Statement reference guide

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1 2011 Tax Information Statement reference guide

2 Table of contents What s new for General information about your Tax Information Statement 2 Form 1099 Consolidated overview 4 Form 1099-B: Proceeds From Broker and Barter Exchange Transactions 5 Form 1099-DIV: Dividends and Distributions 12 Capital gain distributions 17 Form 1099-INT: Interest Income 18 Form 1099-OID: Original Issue Discount 20 Other items Vanguard Brokerage must report to the IRS 23 Form 1099-MISC: Miscellaneous Income 23 Form 2439: Notice to Shareholder of Undistributed Long-Term Capital Gains 24 Information Vanguard Brokerage isn t required to report to you or the IRS 25 Foreign tax paid statement 29 Collateralized debt obligations (CDOs) and real estate mortgage investment conduits (REMICs) 30 Widely held mortgage trusts (WHMTs) 31 Information related to retirement and education Form 990-T: Unrelated Business Taxable Income (UBTI) 33 Form 1099-R: Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. 34 Form 5498: IRA Contribution Information 35 Form 1099-Q: Payments from Qualified Education Programs (Under Sections 529 and 530) 36 Frequently asked questions 37

3 What s new for 2011 Form 1099-B Vanguard is required to report cost basis information to the IRS on Form 1099-B for shares acquired on or after the dates listed below (covered shares). Shares which aren t covered (noncovered shares) may also have cost basis information, but we won t report this information to the IRS. Effective dates for covered shares Shares acquired beginning January 1, 2011: Stocks* ETFs organized as unit investment trusts (UITs)* Shares acquired beginning January 1, 2012: Mutual funds** ETFs organized as regulated investment companies, other than UITs Stocks acquired through a dividend reinvestment plan (DRIP) Shares acquired beginning January 1, 2013: Bonds, debentures, other evidence of indebtedness Options New boxes 1b, 3, 5, 6, and 8 have been added to Form 1099-B to report cost information for securities covered under recent legislation. Box 1b Date of acquisition Box 3 Cost or other basis Box 5 Wash sale loss disallowed Box 6 Noncovered security Box 8 Type of gain or loss Other boxes have been renumbered. Brokers must complete boxes 1b, 3, 5, and 8 when reporting sales of securities unless box 6 is checked. Foreign Tax Paid Statement This is a new statement to assist shareholders who invest in a Vanguard mutual fund or ETF that has elected to pass through to its shareholders the ability to take a credit or deduction for taxes paid by the fund to foreign countries, subject to certain requirements. Reporting of short sales Vanguard Brokerage Services is required to report the gross proceeds from a short sale entered into on or after January 1, 2011, in the year a security is delivered to satisfy the short position, rather than the year the sale occurred. **If your stock or ETF organized as a UIT is part of a dividend reinvestment plan (DRIP), it is not considered covered until January 1, **Excluding money market funds. 1 of 41

4 General information about your Tax Information Statement Masking of certain taxpayer identification numbers (TINs) Vanguard Brokerage Services is masking Social Security numbers (SSNs) and individual taxpayer identification numbers (ITINs) on IRS Forms 1099 and Note that employer identification numbers (EINs) won t be masked in accordance with IRS guidance. We re making this change to minimize the risk that these identifying numbers could be misappropriated from a tax form and used to facilitate identity theft. Multiple accounts You ll receive a separate Tax Information Statement for each brokerage account you hold with reportable activity, as well as for your Vanguard mutual fund holdings that have reportable activity. Note that some Tax Information Statements have later mailing dates than others, so you may receive your Tax Information Statements from Vanguard at different times. For the schedule of mailing dates, please go to vanguard.com/taxschedule. Transferred accounts If your account was transferred to or from Vanguard Brokerage during 2011, your statement will only include activity (including income accruals) from the time you conducted business with our firm. Your former firm should provide IRS Form 1099 for activity that occurred before your account was transferred. IRS publications and additional information IRS publications are available by calling the IRS Forms Distribution Center at 800-TAX-FORM or visiting the IRS website at irs.gov. Additionally, the Tax Center area of vanguard.com provides helpful guidance. Corrections If you believe information on your statement is incorrect, contact Vanguard Brokerage at If necessary, we ll correct the information and mail you a revised statement. Duplicate Tax Information Statements If you request duplicate statements, we ll mail copies to the address of record for your account. Exempt accounts If your account is established as a corporation, unincorporated exempt organization, broker-dealer, bank nominee, retirement trust or plan, endowment, school district, municipality, or hospital, you may be exempt from Form 1099 reporting and backup withholding requirements. If you believe that your account is exempt and you received a Tax Information Statement, contact Vanguard Brokerage at Note that Vanguard Brokerage provides clients with a courtesy Form 1099 Consolidated for information purposes only, which includes information for securities held in a tax-exempt coded account. To identify whether a statement is a courtesy Form 1099 Consolidated, refer to the disclosure statement at the bottom of the tax form, which states that this information won t be reported to the IRS. Federal income tax withheld (backup withholding) If your account is subject to backup withholding, federal law requires us to withhold from reportable dividends, interest, and gross proceeds paid to certain U.S. persons. However, if you re an exempt recipient, you may be exempt from backup withholding and should consider providing us with an IRS Form W-9 indicating the 2 of 41

5 exemption. Foreign persons may also be exempt from backup withholding if they provide a completed withholding certificate such as IRS Form W-8BEN or W-8IMY; however, they may be subject to 30% NRA withholding, or a reduced rate if they re eligible for and claim treaty benefits. IRS Forms 1099-B, 1099-DIV, 1099-INT, and 1099-OID report federal income tax withheld separately. However, when completing your tax return, you should aggregate these amounts on IRS Form 1040, line 62. Nominee recipients If your Vanguard Brokerage Tax Information Statement includes amounts belonging to another person, you may be a nominee recipient. Nominee recipients must file Form 1099 with the IRS for each of the other owners of income to show their share of the income, and you must furnish a Form 1099 to each. A husband and wife who file a joint return aren t required to file a nominee return to show amounts owned by the other. For additional information, see IRS 2011 General Instructions for Forms 1099, 1098, 3921, 3922, 5498, and W-2G. Payer For all nonretirement brokerage accounts, Vanguard Marketing Corporation (taxpayer identification number ) is the payer for all transactions on your Tax Information Statement (see next section) or Form 1099-MISC. For brokerage IRAs, Vanguard Fiduciary Trust Company (taxpayer identification number ) serves as trustee for all contributions (reported on Form 5498), and as trustee and payer for all distributions (reported on Form 1099-R). Revised Tax Information Statements If Vanguard Brokerage receives any corrected or updated information, we ll report it to you and the IRS, if required, in a revised statement. Differences between your Tax Information Statement and brokerage account statements Special reporting rules may result in a difference between your Tax Information Statement and your brokerage account statements. For example, we re required to report, on your 2011 Tax Information Statement, any Form 1099-DIV mutual fund distributions that were declared in October, November, or December of 2011 but not paid until January Read before you file If you held a real estate investment trust (REIT), widely held fixed investment trust (WHFIT), widely held mortgage trust (WHMT), or unit investment trust (UIT) in 2011, we may send you a revised Tax Information Statement. Please be aware that some issuers don t make their final distribution information available until after January. This tax guide is intended for use by individual U.S. taxpayers, not traders or dealers in securities. While it generally describes how to read your Tax Information Statement and where to report certain transactions on your federal income tax return, this guide is provided for informational purposes only and isn t intended to provide tax advice. Consult your tax professional to discuss the appropriate federal, foreign, state, and local tax treatment of your transactions. All amounts and transactions displayed in this guide are for illustration only and don t represent actual transactions. 3 of 41

6 Form 1099 Consolidated overview Your consolidated Tax Information Statement provides, in one document, the items of income that would otherwise be reported to you on Forms 1099-B, -DIV, -INT, and -OID. Section 1 displays your name and masked taxpayer identification number (TIN). Section 2 displays Form 1099-DIV dividends and distributions from stocks and other investments. Elsewhere in the document, we provide the individual dividend payments. Section 3 displays Form 1099-INT interest income paid to you during Elsewhere in the document, we provide the individual interest payments and accruals. Section 4 displays a summary of proceeds from broker and barter exchange transactions. Amounts shown in this section include gross proceeds (less commissions) from the sale or redemption of securities. We re required to report sales transactions to you and the IRS separately, as detailed in the next section, Form 1099-B: Proceeds From Broker and Barter Exchange Transactions ; however, we provide this summary for your convenience. Section 5 displays a summary of original issue discount, or OID a form of interest. The IRS requires us to report to you separately for each security with OID, as detailed in the section, 2011 Original Issue Discount ; however, we provide this summary for your convenience. Section 6: Whenever this footnote appears, information included on that page is generally being reported to the IRS. statement IMPORTANT TAX DOCUMENT Account number: RECIPIENT S identification number: XXX-XX-8888 Vanguard Brokerage Services Contact Info: JANE DOE 60 MOREHALL ROAD MALVERN PA TAX INFORMATION STATEMENT Copy B For Recipient PAYER: Vanguard Marketing Corporation P.O. Box 1170 Valley Forge, PA PAYER S federal identification number: Form 1099-DIV 2011 Dividends and Distributions OMB No Form 1099-INT 2011 Interest Income OMB No Box Amount 1a Total ordinary dividends b Qualified dividends a Total capital gain distr b Unrecap. Sec gain c Section 1202 gain d Collectibles (28%) gain Nondividend distributions Federal income tax withheld Investment expenses Foreign tax paid Foreign country or U.S. possession... N/A 8 Cash liquidation distributions Noncash liquidation distributions Box Amount 1 Interest income... 2, Early withdrawal penalty Interest on U.S. Savings Bonds and Treas. obligations... 3, Federal income tax withheld Investment expenses Foreign tax paid Foreign country or U.S. possession... N/A 8 Tax-exempt interest Specified private activity bond interest Tax-exempt bond CUSIP no. (see instructions)... various 2 3 Summary of 2011 Proceeds From Broker and Barter Exchange Transactions Summary of 2011 Original Issue Discount Box Amount Box Amount 2 Stocks, bonds, etc. - Gross proceeds less commissions 1 Original issue discount for ** and option premiums , * 2 Other periodic interest ** 3 Cost or other basis , ** 4 Federal income tax withheld ** 4 Federal income tax withheld Original issue discount on U.S. Treasury obligations ** 5 Wash sale loss disallowed ** 7 Investment expenses ** Regulated Futures Contracts: 10 Profit or (loss) realized in 2011 on closed contracts... (210.69) ** Amounts of original issue discount are individually reported to the IRS. Refer to the 2011 Original Issue Discount section of this statement. 11 Unrealized profit or (loss) on open contracts - 12/31/ Unrealized profit or (loss) on open contracts - 12/31/2011 (500.00) If you invested in a Collateralized Debt Obligation (CDO), Real Estate Mortgage Investment 13 Aggregate profit or (loss) on contracts... (781.25) Conduit (REMIC) or Widely Held Fixed Investment Trust (WHFIT) at any time during the 4 Federal income tax withheld year, please note that this statement is incomplete and an additional written statement will be sent to you by March 15 that will contain information necessary to accurately file your U.S. federal income tax return. *Gross Proceeds from each of your 2011 securites trades are individually reported to the IRS. Refer to the 2011 Proceeds From Broker and Barter Exchange Transactions section of this statement. **Box 3 and Box 5 contain amounts for covered securities only. This is important tax information and is being furnished to the Internal Revenue Service. If you are required to file a return, a negligence penalty or other sanction may be imposed on you if this income is taxable and the IRS determines that it has not been reported. 6 Page 3 of 20 (keep for your records) of 41

7 Form 1099-B: Proceeds From Broker and Barter Exchange Transactions Your Tax Information Statement reflects gross proceeds net of transaction costs, such as commissions and fees. Each transaction in this section is reported separately in up to five separate sections on Form 1099-B. statement Form 1099-B Account number: RECIPIENT S identification number: XXX-XX-8888 Vanguard Brokerage Services 2011 TAX INFORMATION STATEMENT Copy B For Recipient Form 1099-B 2011 PROCEEDS FROM BROKER AND BARTER EXCHANGE TRANSACTIONS OMB No Short-Term Transactions for Which Basis Was Reported to the IRS; Report on Form 8949, Part I, with Box A checked. Description (Box 9) Quantity Date of sale or exchange (Box 1a) Date of acquisition (Box 1b) Sales price of stocks, bonds, etc. less commissions and option premiums (Box 2) Cost or other basis (Box 3) Type of gain or loss (Box 8) INTL BUSINESS MACHS CORP CUSIP: /01/ , , Short-Term Non covered security (Box 6) Wash sale loss disallowed (Box 5) Federal income tax withheld (Box 4) Total 36, , tax form Form 8949 Form 8949 Department of the Treasury Internal Revenue Service (99) Name(s) shown on return Sales and Other Dispositions of Capital Assets See Instructions for Schedule D (Form 1040). For more information about Form 8949, see Attach to Schedule D to list your transactions for lines 1, 2, 3, 8, 9, and 10. OMB No Attachment Sequence No. 12A Your social security number Part I Short-Term Capital Gains and Losses Assets Held One Year or Less Note: You must check one of the boxes below. Complete a separate Form 8949, page 1, for each box that is checked. *Caution. Do not complete column (b) or (g) until you have read the instructions for those columns (see the Instructions for Schedule D (Form 1040)). Columns (b) and (g) do not apply for most transactions and should generally be left blank. (A) Short-term transactions reported on Form 1099-B with basis reported to the IRS (B) Short-term transactions reported on Form 1099-B but basis not reported to the IRS (C) Short-term transactions for which you cannot check box A or B (a) Description of property 1 (Example: 100 sh. XYZ Co.) 200 sh. IBM Corp. (b) Code, if any, for column (g)* (c) Date acquired (Mo., day, yr.) Various (d) Date sold (Mo., day, yr.) 11/01/2011 (e) Sales price (see instructions) 36, (f) Cost or other basis (see instructions) 32, (g) Adjustments to gain or loss, if any* 2 Totals. Add the amounts in columns (e) and (f). Also, combine the amounts in column (g). Enter here and include on Schedule D, line 1 (if box A above is checked), line 2 (if box B above is checked), or line 3 (if box C above is checked) , , For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No Z Form 8949 (2011) tax form Form 1040, Schedule D SCHEDULE D (Form 1040) Department of the Treasury Internal Revenue Service (99) Name(s) shown on return Capital Gains and Losses OMB No Attach to Form 1040 or Form 1040NR. See Instructions for Schedule D (Form 1040) Attachment Use Form 8949 to list your transactions for lines 1, 2, 3, 8, 9, and 10. Sequence No. 12 Your social security number Part I Short-Term Capital Gains and Losses Assets Held One Year or Less Complete Form 8949 before completing line 1, 2, or 3. This form may be easier to complete if you round off cents to whole dollars. (e) Sales price from Form(s) 8949, line 2, column (e) (f) Cost or other basis from Form(s) 8949, line 2, column (f) (g) Adjustments to gain or loss from Form(s) 8949, line 2, column (g) (h) Gain or (loss) Combine columns (e), (f), and (g) 1 Short-term totals from all Forms 8949 with box A checked in Part I , ( 32,424.00) 3, of 41

8 Transactions reported on IRS Form 1099-B The four transactions commonly reported in this section of your statement are equity sales, Treasury bill sales, sales of notes and bonds, and short sales. Equity sales Proceeds from the sale of equities are reported on a trade-date basis, net of commissions or option premiums. Treasury bill sales To properly report any proceeds from these sales, you should determine which portion is capital gain or loss and which is ordinary income or loss. Your statement reports the discount on Treasury bill maturities in the 1099-INT section as part of Interest on U.S. savings bond and Treasury obligations (Box 3). Refer to examples later in this document for additional information. Sales of notes and bonds The principal portion of the proceeds from these sales is reported in this section. Accrued interest on federally taxable notes and bonds sold between interest payment dates or on a payment date is reported on Form 1099-INT based on the settlement date. Short sales Short sales of specified securities effected on or after January 1, 2011, are reported in the year a security is delivered to close the short position. If you sold securities short, be aware of the constructive sales rules. If your short sale was a constructive sale, the gain is taxable in the year of the short sale (but the loss isn t recognized). Otherwise, the gain or loss is generally recognized in the year the short sale is covered. The basis Vanguard reports for covered shares is determined without regard to constructive sales and may require adjustment on Form 8949 and Form 1040, Schedule D. Consult a tax professional for additional information on constructive sales. Short sales are identified with a footnote on Form 1099-B. Trade date versus settlement date We report sales of publicly traded securities to the IRS on a trade-date basis on IRS Form 1099-B. You should report these transactions accordingly. New cost basis reporting requirements Vanguard is required to report cost basis information to the IRS on Form 1099-B for shares acquired on or after the dates listed in the table below (covered shares). Shares that aren t covered (noncovered shares) may also contain cost basis information, but we won t report this information to the IRS. Effective dates for covered shares Shares acquired beginning January 1, 2011: Stocks* ETFs organized as UITs* Shares acquired beginning January 1, 2012: Mutual funds** ETFs organized as regulated investment companies, other than UITs Stocks acquired through a dividend reinvestment plan (DRIP) Shares acquired beginning January 1, 2013: Bonds, debentures, other evidence of indebtedness Options ** If your stock or ETF organized as a UIT is part of a dividend reinvestment plan (DRIP), it s not considered covered until January 1, **Excluding money market funds. 6 of 41

9 New boxes Boxes 1b, 3, 5, 6, and 8 have been added to Form 1099-B to report cost information for securities covered under recent legislation. (Box 1b) Date of acquisition The box will be blank if the securities sold were acquired on a variety of dates, or if box 6 is checked. For a short sale, we ll report the acquisition date of the security delivered to close the short sale. (Box 3) Cost or other basis Shows the adjusted basis of a security when available. (Box 5) Wash sale loss disallowed Shows the amount of nondeductible loss in a wash sale transaction. A wash sale occurs when you sell a security at a loss and within 30 days before or after the sale you acquire a substantially identical security (see Cost basis adjustments on page 10). (Box 6) Noncovered security If this box is checked, boxes 1b, 3, 5, and 8 may be blank. (Box 8) Type of gain or loss Provides the holding period of the security sold. Long-term capital gains are derived from the sale of assets held for more than one year, while short-term gains are derived from the sale of assets held for one year or less, excluding the day you acquired the investment but including the day of the sale. New layout In addition to the new boxes, Form 1099-B will now have up to five separate sections to clearly identify whether the basis is reported to you and the IRS, reported only to you, or isn t available. These separate sections are created based on the activity in your account and will make it easier for you to complete the new Form 8949, Sales and Other Dispositions of Capital Assets. Section 1: Short-term transactions for which basis is reported to the IRS Report on Form 8949, Part I, with Box A checked. Section 2: Short-term transactions for which basis isn t reported to the IRS Report on Form 8949, Part I, with Box B checked. The information in boxes 1b, 3, 5, and 8 reflects Vanguard s records and won t be reported to the IRS. You re solely responsible for the recordkeeping and accuracy of this information. Section 3: Long-term transactions for which basis is reported to the IRS Report on Form 8949, Part II, with Box A checked. Section 4: Long-term transactions for which basis isn t reported to the IRS Report on Form 8949, Part II, with Box B checked. The information in boxes 1b, 3, 5, and 8 reflects Vanguard s records and won t be reported to the IRS. You re solely responsible for the recordkeeping and accuracy of this information. Section 5: Transactions for which basis isn t reported to the IRS, and for which short- or long-term determination is unknown (to Vanguard). Report on Form 8949, with Box B checked, in either Part I or Part II, as appropriate. 7 of 41

10 section 1 Form 1099-B Short-term covered shares Form 8949, Part I Account number: RECIPIENT S identification number: XXX-XX-9999 Vanguard Brokerage Services 2011 TAX INFORMATION STATEMENT Copy B For Recipient Form 1099-B 2011 PROCEEDS FROM BROKER AND BARTER EXCHANGE TRANSACTIONS OMB No Short-Term Transactions for Which Basis Was Reported to the IRS; Report on Form 8949, Part I, with Box A checked. Description (Box 9) Quantity Date of sale or exchange (Box 1a) Date of acquisition (Box 1b) Sales price of stocks, bonds, etc. less commissions and option premiums (Box 2) Cost or other basis (Box 3) Type of gain or loss (Box 8) Non covered security (Box 6) Wash sale loss disallowed (Box 5) INTL BUSINESS MACHS CORP CUSIP: /01/ , , Short-Term Form 8949 Sales and Other Dispositions of Capital Assets OMB No See Instructions for Schedule D (Form 1040). For more information about Form 8949, see Department of the Treasury Attach to Schedule D to list your transactions for lines 1, 2, 3, 8, 9, and 10. Attachment Internal Revenue Service (99) Sequence No. 12A Name(s) shown on return Your social security number Federal income tax withheld (Box 4) Part I Short-Term Capital Gains and Losses Assets Held One Year or Less Note: You must check one of the boxes below. Complete a separate Form 8949, page 1, for each box that is checked. *Caution. Do not complete column (b) or (g) until you have read the instructions for those columns (see the Instructions for Schedule D (Form 1040)). Columns (b) and (g) do not apply for most transactions and should generally be left blank. (A) Short-term transactions reported on Form 1099-B with basis reported to the IRS (B) Short-term transactions reported on Form 1099-B but basis not reported to the IRS (C) Short-term transactions for which you cannot check box A or B 1 (a) Description of property (Example: 100 sh. XYZ Co.) (b) Code, if any, for column (g)* (c) Date acquired (Mo., day, yr.) (d) Date sold (Mo., day, yr.) (e) Sales price (see instructions) (f) Cost or other basis (see instructions) (g) Adjustments to gain or loss, if any* 200 sh. IBM Corp. Various 11/01/ , , section 2 Form 1099-B Short-term noncovered shares Form 1099-B 2011 PROCEEDS FROM BROKER AND BARTER EXCHANGE TRANSACTIONS OMB No Short-Term Transactions for Which Basis Not Reported to the IRS; Report on Form 8949, Part I, with Box B checked. The information in boxes 1b, 3, 5, and 8 reflect Vanguard s records and will not be reported to the IRS. You are solely responsible for the record-keeping and accuracy of this information. Description (Box 9) Quantity Date of sale or exchange (Box 1a) Date of acquisition (Box 1b) Sales price of stocks, bonds, etc. less commissions and option premiums (Box 2) Cost or other basis (Box 3) Type of gain or loss (Box 8) Non covered security (Box 6) INTL BUSINESS MACHS CORP CUSIP: /01/ /01/ , , Short-Term X # Wash sale loss disallowed (Box 5) Federal income tax withheld (Box 4) # If this box is checked, boxes 1b, 3, 5, and 8 are not reported to the IRS and may be blank. This is important tax information and is being furnished to the Internal Revenue Service. If you are required to file a return, a negligence penalty or other sanction may be imposed on you if this income is taxable and the IRS determines that it has not been reported. (keep for your records) Form Part I Part I Short-Term Capital Gains and Losses Assets Held One Year or Less Note: You must check one of the boxes below. Complete a separate Form 8949, page 1, for each box that is checked. *Caution. Do not complete column (b) or (g) until you have read the instructions for those columns (see the Instructions for Schedule D (Form 1040)). Columns (b) and (g) do not apply for most transactions and should generally be left blank. (A) Short-term transactions reported on Form 1099-B with basis reported to the IRS (B) Short-term transactions reported on Form 1099-B but basis not reported to the IRS (C) Short-term transactions for which you cannot check box A or B 1 (a) Description of property (Example: 100 sh. XYZ Co.) (b) Code, if any, for column (g)* (c) Date acquired (Mo., day, yr.) (d) Date sold (Mo., day, yr.) (e) Sales price (see instructions) (f) Cost or other basis (see instructions) (g) Adjustments to gain or loss, if any* 100 sh. IBM Corp. 12/01/ /01/ , , After completing Form 8949, Part I (above), and Part II (facing page, top), transfer the totals from columns E, F, and G to the corresponding columns in Part I and Part II of Form 1040, Schedule D (Capital Gains and Losses). Refer to page 5 for a sample image of the Schedule D. 8 of 41

11 section 4 Form 1099-B Long-term noncovered shares Form 1099-B 2011 PROCEEDS FROM BROKER AND BARTER EXCHANGE TRANSACTIONS OMB No Long-Term Transactions for Which Basis Not Reported to the IRS; Report on Form 8949, Part II, with Box B checked. The information in boxes 1b, 3, 5, and 8 reflect Vanguard s records and will not be reported to the IRS. You are solely responsible for the record-keeping and accuracy of this information. Description (Box 9) Quantity INTL BUSINESS MACHS CORP CUSIP: Date of sale or exchange (Box 1a) Date of acquisition (Box 1b) Sales price of stocks, bonds, etc. less commissions and option premiums (Box 2) Cost or other basis (Box 3) Type of gain or loss (Box 8) Non covered security (Box 6) /01/ /02/ , , Long-Term X # Wash sale loss disallowed (Box 5) Federal income tax withheld (Box 4) If this box is checked, boxes 1b, 3, 5, and 8 are not reported to the IRS and may be blank. This is important tax information and is being furnished to the Internal Re enue Ser ice. If you are re uired to file a retur you if this income is taxable and the IRS determines that it has not been reported. (keep for your records) n, a negligence penalty or other sanction may be imposed on Form 8949, Part II Part II Long-Term Capital Gains and Losses Assets Held More Than One Year Note: You must check one of the boxes below. Complete a separate Form 8949, page 2, for each box that is checked. *Caution. Do not complete column (b) or (g) until you have read the instructions for those columns (see the Instructions for Schedule D (Form 1040)). Columns (b) and (g) do not apply for most transactions and should generally be left blank. (A) Long-term transactions reported on Form 1099-B with basis reported to the IRS (B) Long-term transactions reported on Form 1099-B but basis not reported to the IRS (C) Long-term transactions for which you cannot check box A or B 3 (a) Description of property (Example: 100 sh. XYZ Co.) (b) Code, if any, for column (g)* (c) Date acquired (Mo., day, yr.) (d) Date sold (Mo., day, yr.) (e) Sales price (see instructions) (f) Cost or other basis (see instructions) (g) Adjustments to gain or loss, if any* 300 sh. IBM Corp. 01/02/ /01/ , , Example of new transactional reporting If you had four purchases of 600 shares of an individual security over time, and sell all 600 shares in one transaction, the trade may no longer be reported to you as one sale but instead it must be separated into the applicable sections on the 1099-B. You ll then need to report it in the correct sections of Form 8949, and also check the correct box.* After you ve completed Form 8949, you ll need to transfer the totals from columns E, F, and G to the corresponding columns on Form 1040, Schedule D. Example 1 Holding Covered/ Form 1099-B Form 8949 Transaction Quantity Date period noncovered reporting reporting Buy 300 1/2/2009 long-term noncovered Section 4 Reported in Part II, with Box B checked. Buy 100 3/1/2011 Buy 100 4/1/2011 short-term covered Section 1 Reported in Part 1, with Box A checked. Buy /1/2010 short-term noncovered Section 2 Reported in Part 1, with Box B checked. Sell /1/2011 *A sale that represents multiple acquisition dates will display as blank in Box 1b on Form 1099-B and various on Form of 41

12 Default methods Vanguard applies default cost basis accounting methods unless you ve selected a specific method. We use average cost for mutual funds, and first in, first out (FIFO) for other holdings. You may wish to consult a tax advisor to determine the most appropriate method for you to use. Cost basis adjustments Vanguard is required to make certain adjustments to the initial cost basis of covered securities acquired in the account. We ll adjust the basis of securities for commissions and transfer taxes related to the acquisition of the security. We ll also adjust the basis for any organizational actions reported by the issuer. However, we generally won t make adjustments for transactions, elections, or other events occurring outside the account. Wash sales. Under tax rules, the deduction for a loss realized on the sale of a security is disallowed if, within 30 days before or after the sale, a substantially identical security is acquired. Any loss that s disallowed is added to the basis of the newly acquired shares. Vanguard will adjust the basis of securities held in the account for losses that are disallowed due to a wash sale, but only if the wash sale is as a result of an identical security (a security with the same CUSIP) purchased in the same account. You must make adjustments to the basis of a security if a wash sale occurs as a result of: the purchase of a substantially identical security that isn t an identical security. a purchase that occurs in a different account than the sale. Other adjustments we ll make. Vanguard will adjust the basis of a covered security issued by a regulated investment company or real estate investment trust which has undistributed long-term capital gains during the year. Adjustments we won t make. Vanguard doesn t consider constructive sales or mark-to-market adjustments in determining the holding period of securities sold for a gain or loss. Cost basis adjustment factor For certain investments that are classified as WHFITs, we re required to provide your proportional interest in the cost basis associated with transactions by the trust. You re required to report this information on Schedule D of Form We provide the basis for these transactions in the form of a cost basis adjustment factor. Your basis can be determined by taking the product of this factor and your cost basis for your interest in the trust. Regulated futures contracts Although you re only required to report the aggregate profit or loss from these contracts on Form 6781, Gains and Losses From Section 1256 Contracts and Straddles, we must report this information on Form 1099-B as follows: (Box 10) Profit or (loss) realized in 2011 on closed contracts The profit or loss realized on closed regulated futures contracts in (Box 11) Unrealized profit or (loss) on open contracts 12/31/2010 This amount was previously reported to you on your 2010 Tax Information Statement, as the contracts were marked to their market value as of December 31, It s reported here as an adjustment to your 2010 aggregate profit or loss, since it should have been included in your income for of 41

13 (Box 12) Unrealized profit or (loss) on open contracts 12/31/2011 The amount is based on the contract s year-end market value. (Box 13) Aggregate profit or (loss) on contracts The aggregate profit or loss of all your regulated futures contracts activity. You can calculate this figure based on information from your statement, as in the following example: (Box 10) (Box 11)+(Box 12)=Box 13 ($210.69) $70.56+($500)=($781.25) Report total aggregate profit or loss on IRS Form 6781, line 1; then transfer that figure to IRS Form 1040, Schedule D, according to the instructions for IRS Form statement Account number: RECIPIENT S identification number: XXX-XX-8888 Vanguard Brokerage Services 2011 TAX INFORMATION STATEMENT Copy B For Recipient Form 1099-B 2011 REGULATED FUTURES CONTRACTS OMB No Description (Box 9) Trade date Opening contract amount Closing contract amount Year end market value Profit or (loss) realized in 2011 on closed contracts (Box 10) Unrealized profit or (loss) on open contracts - 12/31/2010 (Box 11) Unrealized profit or (loss) on open contracts - 12/31/2011 (Box 12) PUT 100 S&P 500 IX EXP 9/16/2011 Quantity /18/2011 1, , (210.69) PUT 100 S&P 500 IX EXP 9/16/2011 Quantity /31/2010 1, , PUT 100 S&P 500 IX EXP 2/17/2012 Quantity /31/2011 1, , (500.00) Total (210.69) (500.00) Aggregate profit or (loss) on contracts (Box 13) (781.25) Federal income tax withheld (Box 4) 0.00 tax form Form 6781 Department of the Treasury Internal Revenue Service Name(s) shown on tax return Gains and Losses From Section 1256 Contracts and Straddles Attach to your tax return. OMB No Attachment Sequence No. 82 Identifying number Check all applicable boxes (see instructions). A Mixed straddle election C Mixed straddle account election B Straddle-by-straddle identification election D Net section 1256 contracts loss election Part I Section 1256 Contracts Marked to Market (a) Identification of account (b) (Loss) (c) Gain 1 Form 1099-B, Vanguard Marketing Corporation, (781 25) 11 of 41

14 Form 1099-DIV: Dividends and Distributions Dividends and other distributions from corporations, mutual funds, unit investment trusts (UITs), and real estate investment trusts (REITs), as well as income derived from money market funds, are reported in this section of your Tax Information Statement (see example later in this section). (Box 1a) Total ordinary dividends Ordinary dividends paid by corporations, mutual funds, REITs, and certain UITs, including net short-term capital gains, are fully taxable. Include this amount on line 9a of Form 1040 or 1040A and attach Schedule B if required. Subtotals for both U.S. and foreign source ordinary dividends appear at the end of the detailed section. (Box 1b) Qualified dividends These are distributions paid to you by domestic and qualified foreign corporations for which you met certain minimum holding period requirements. They re taxed at a maximum rate of 15% (0% for individuals in the 10% or 15% tax bracket). Note that some dividends reported to you in Box 1b may not be qualified dividends because you may not have met certain minimum holding period requirements: General rule. Must be held for more than 60 days during the 121-day period that begins 60 days before the ex-dividend date. The ex-dividend date is the first date following the declaration of a dividend on which the seller and not the buyer of a stock will receive the next dividend payment. When counting the number of days you held the stock, include the day you disposed of the stock but not the day you acquired it. Preferred stock. Must be held for more than 90 days during the 181-day period that begins 90 days before the ex-dividend date if the dividends are due to periods totaling more than 366 days. If the periods total less than 367 days, the holding period in the general rule applies. The following aren t qualified dividends: Capital gain distributions. Dividends paid from money market and bond funds. Dividends from tax-exempt corporations. Dividends paid on employer securities held in an employer stock option plan (ESOP). Dividends on any share of stock to the extent that you re under an obligation (including a short sale) to make related payments with respect to positions in substantially similar or related property. Payments received in lieu of dividends. Dividends paid by foreign corporations generally aren t qualified unless the foreign corporation is (1) incorporated in a U.S. possession, (2) eligible for benefits under a comprehensive income tax treaty with the U.S. that the Treasury Department has determined is satisfactory for the purpose of determining qualified dividend status, or (3) readily tradable on an established securities market within the U.S. (Note: Dividends paid by passive foreign investment companies [PFICs] aren t qualified.) For more information, see IRS Publication 550, Investment Income and Expenses, and the instructions for Form of 41

15 (Boxes 2a, 2b, 2c, and 2d) Capital gains distributions See the Capital gain distributions section of this guide for further information. (Box 3) Nondividend distributions These are distributions from a corporation to you that aren t paid out of earnings and profits, are treated as return of capital, and generally aren t taxable. They reduce the cost basis of your stock; however, the amount that exceeds your adjusted basis is reported as a long- or short-term capital gain on Schedule D, depending on your holding period. (Box 4) Federal income tax withheld This includes the amount of backup withholding remitted to the IRS on certain payments if you didn t provide a taxpayer identification number that matches government records or if we ve been notified by the IRS that you ve underreported your interest and dividends in a prior year. See Form W-9, Request for Taxpayer Identification Number and Certification, for information on backup withholding. Include this amount on your IRS Form 1040, line 62, as tax withheld. (Box 5) Investment expenses These represent your portion of expenses from a nonpublicly offered, regulated investment company, such as a mutual fund. You may deduct them on the Other expenses line of Schedule A (Form 1040), subject to the 2% limit. This amount is also included in Box 1a, Total ordinary dividends. (Box 6) Foreign tax paid This is the total foreign tax withheld by the source country from dividends paid by foreign securities or passed through certain investments, such as a mutual fund, during Only foreign taxes withheld at source according to a country s treaty may be used as a foreign tax credit. Refer to Foreign tax paid section of this guide for additional information. 13 of 41

16 Total ordinary dividends are reported on IRS Form 1040, Schedule B, line 5; and Form 1040, line 9a. Qualified dividends are reported on IRS Form 1040, line 9b. (See the illustration below.) statement IMPORTANT TAX DOCUMENT Account number: RECIPIENT S identification number: xxx-xx-8888 Vanguard Brokerage Services Contact Info: Form 1099-DIV 2011 Dividends and Distributions OMB No Box Amount 1a Total ordinary dividends b Qualified dividends a Total capital gain distr b Unrecap. Sec gain c Section 1202 gain d Collectibles (28%) gain Nondividend distributions Federal income tax withheld Investment expenses Foreign tax paid Foreign country or U.S. possession... N/A 8 Cash liquidation distributions Noncash liquidation distributions Form 1099-INT 2011 Interest Income OMB No Box Amount 1 Interest income... 2, Early withdrawal penalty Interest on U.S. Savings Bonds and Treas. obligations... 3, Federal income tax withheld Investment expenses Foreign tax paid Foreign country or U.S. possession... N/A 8 Tax-exempt interest Specified private activity bond interest Tax-exempt bond CUSIP no. (see instructions)... various tax form SCHEDULE B (Form 1040A or 1040) Department of the Treasury Internal Revenue Service (99) Name(s) shown on return Interest and Ordinary Dividends Attach to Form 1040A or See instructions on back. OMB No Attachment Sequence No. 08 Your social security number Part I Interest (See instructions on back and the instructions for Form 1040A, or Form 1040, line 8a.) Note. If you received a Form 1099-INT, Form 1099-OID, or substitute statement from a brokerage firm, list the firm s 1 List name of payer. If any interest is from a seller-financed mortgage and the buyer used the property as a personal residence, see instructions on back and list this interest first. Also, show that buyer s social security number and address Amount Vanguard Marketing Corporation, , Vanguard Marketing Corporation, , Less: OID Adjustment (241 35) Vanguard Marketing Corporation, Vanguard Marketing Corporation, Vanguard Marketing Corporation, Less: OID Adjustment (62 50) Vanguard Marketing Corporation, Vanguard Marketing Corporation, Vanguard Marketing Corporation, tax form Part II Ordinary Dividends Form 5 List name of payer Vanguard Marketing Corporation, Department of the Treasury Internal Revenue Service (99) 1040 U.S. Individual Income Tax Return 2011 OMB No IRS Use Only Do not write or staple in this space. For the year Jan. 1 Dec. 31, 2011, or other tax year beginning, 2011, ending, 20 See separate instructions. Your first name and initial Last name Your social security number If a joint return, spouse s first name and initial Last name Spouse s social security number Home address (number and street). If you have a P.O. box, see instructions. City, town or post office, state, and ZIP code. If you have a foreign address, also complete spaces below (see instructions). Apt. no. Make sure the SSN(s) above and on line 6c are correct. Presidential Election Campaign 14 of 41 Income Attach Form(s) W-2 here. Also attach Forms W-2G and 1099-R if tax was withheld. If you did not get a W-2, see instructions. Enclose, but do not attach, any payment. Also, please use Form 1040-V. 7 Wages, salaries, tips, etc. Attach Form(s) W a Taxable interest. Attach Schedule B if required a b Tax-exempt interest. Do not include on line 8a... 8b a Ordinary dividends. Attach Schedule B if required a b Qualified dividends b Taxable refunds, credits, or offsets of state and local income taxes Alimony received Business income or (loss). Attach Schedule C or C-EZ Capital gain or (loss). Attach Schedule D if required. If not required, check here 13 35, Other gains or (losses). Attach Form a IRA distributions. 15a 50, b Taxable amount... 15b 50, a Pensions and annuities 16a b Taxable amount... 16b 17 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E Farm income or (loss). Attach Schedule F Unemployment compensation a Social security benefits 20a b Taxable amount... 20b 21 Other income. List type and amount Substitute Payment Reimbursement

17 tax form Department of the Treasury Internal Revenue Service (99) 1040 U.S. Individual Income Tax Return 2011 OMB No IRS Use Only Do not write or staple in this space. For the year Jan. 1 Dec. 31, 2011, or other tax year beginning, 2011, ending, 20 See separate instructions. Your first name and initial Last name Your social security number Form If a joint return, spouse s first name and initial Last name Spouse s social security number Home address (number and street). If you have a P.O. box, see instructions. City, town or post office, state, and ZIP code. If you have a foreign address, also complete spaces below (see instructions). Apt. no. Make sure the SSN(s) above and on line 6c are correct. Presidential Election Campaign Income Attach Form(s) W-2 here. Also attach Forms W-2G and 1099-R if tax was withheld. 7 Wages, salaries, tips, etc. Attach Form(s) W a Taxable interest. Attach Schedule B if required a b Tax-exempt interest. Do not include on line 8a... 8b a Ordinary dividends. Attach Schedule B if required a b Qualified dividends b Taxable refunds, credits, or offsets of state and local income taxes Alimony received Business income or (loss). Attach Schedule C or C-EZ tax form 2011 Form 1040 Line 44 Qualified Dividends and Capital Gain Tax Worksheet Line 44 Keep for Your Records Before you begin: See the earlier instructions for line 44 to see if you can use this worksheet to figure your tax. If you do not have to file Schedule D and you received capital gain distributions, be sure you checked the box on line 13 of Form Enter the amount from Form 1040, line 43. However, if you are filing Form 2555 or 2555-EZ (relating to foreign earned income), enter the amount from line 3 of the Foreign Earned Income Tax Worksheet Enter the amount from Form 1040, line 9b* Are you filing Schedule D?* Yes. Enter the smaller of line 15 or 16 of Schedule D. If either line 15 or line 16 is blank or a loss, enter -0- No. Enter the amount from Form 1040, line 13 } Add lines 2 and If filing Form 4952 (used to figure investment interest expense deduction), enter any amount from line 4g of that form. Otherwise, enter tax form Schedule D Tax Worksheet Keep for Your Records Complete this worksheet only if line 18 or line 19 of Schedule D is more than zero. Otherwise, complete the Qualified Dividends and Capital Gain Tax Worksheet in the Instructions for Form 1040, line 44 (or in the Instructions for Form 1040NR, line 42) to figure your tax. Exception: Do not use the Qualified Dividends and Capital Gain Tax Worksheet or this worksheet to figure your tax if: Line 15 or line 16 of Schedule D is zero or less and you have no qualified dividends on Form 1040, line 9b (or Form 1040NR, line 10b); or Form 1040, line 43 (or Form 1040NR, line 41) is zero or less. Instead, see the instructions for Form 1040, line 44 (or Form 1040NR, line 42). 1. Enter your taxable income from Form 1040, line 43 (or Form 1040NR, line 41). (However, if you are filing Form 2555 or 2555-EZ (relating to foreign earned income), enter instead the amount from line 3 of the Foreign Earned Income Tax Worksheet in the Instructions for Form 1040, line 44) Enter your qualified dividends from Form 1040, line 9b (or Form 1040NR, line 10b) Enter the amount from Form 4952 (used to figure investment interest expense deduction), line 4g Enter the amount from Form 4952, line 4e* 4. If you have qualified dividends, you should enter them on line 2 of either the Qualified Dividends and Capital Gain Tax Worksheet (see the 2011 Instructions to IRS Form 1040) or the Schedule D Tax Worksheet (see the 2011 Instructions for Schedule D). The instructions will help you determine which one to use (also see examples above). 15 of 41

18 Special rules for owners of mutual funds, REITs, and UITs Since these investments generally pass through certain beneficial tax attributes of their distributions to their shareholders, they must first obtain tax information from their holdings before they can determine such benefits. As a result, information on these benefits is often not available when we send your initial Tax Information Statement. If it becomes available later, we ll send you a revised statement. The income classification reported on your statement may not agree with the amount of distributions you received during the year for the following reasons: Dividends declared by mutual funds and REITs in October, November, and December but not paid until the following January are considered received by shareholders on December 31. Income from UITs is reported on the Tax Information Statement in the year it s earned by the UIT, which may not coincide with its distribution. Separate entries show income received in cash and income accrued. Income earned by the UIT but not yet distributed is shown as a separate entry labeled Accrued income. UITs that don t have accrued income may be reported with a single entry for cash. Income from taxable UITs may be reported on Form 1099-DIV, INT, or OID of your statement, depending on the nature of the income. (Box 8) Cash liquidation distributions and (Box 9) Noncash liquidation distributions Generally, liquidation distributions are treated as amounts received from the sale or exchange of a capital asset and should be reported on IRS Form 1040, Schedule D (Capital Gains and Losses). 16 of 41

19 Capital gain distributions (Box 2a) Total capital gain distributions Total capital gain distributions from a mutual fund or REIT are included in this section and are always long-term. Report them on Form 1040, Schedule D, line 13, as shown below, regardless of how long you held the investment. If your capital gain distribution contains additional classifications, your statement will include a separate section titled Capital Gain Distributions and will include the following information: (Box 2b) Unrecaptured Section 1250 gain The amount in Box 2a that is an unrecaptured section 1250 gain from certain depreciable real property. (Box 2c) Section 1202 gain The amount in Box 2a that is a section 1202 gain from certain small business stock. (Box 2d) Collectibles (28%) gain The amount in Box 2a from the sale or exchange of collectibles that are capital assets. If your statement contains amounts in any of these sections, refer to the instructions for IRS Form 1040, Schedule D (Capital Gains and Losses), for information on how to report this income. OR If your only capital gains and losses are capital gain distributions reported in Box 2a and no amounts are reported in Box 2b, 2c, or 2d, you may be able to avoid filing Schedule D by reporting these distributions directly on IRS Form 1040, line 13. See the instructions for IRS Form 1040 for more information. statement IMPORTANT TAX DOCUMENT Account number: RECIPIENT S identification number: xxx-xx-8888 Vanguard Brokerage Services Contact Info: Copy B For Recipient 6 Form 1099-DIV 2011 Dividends and Distributions OMB No Box Amount 1a Total ordinary dividends b Qualified dividends a Total capital gain distr b Unrecap. Sec gain c Section 1202 gain d Collectibles (28%) gain Nondividend distributions Federal income tax withheld Investment expenses Foreign tax paid Foreign country or U.S. possession... N/A 8 Cash liquidation distributions Noncash liquidation distributions Form 1099-INT 2011 Interest Income OMB No Box Amount 1 Interest income... 2, Early withdrawal penalty Interest on U.S. Savings Bonds and Treas. obligations... 3, Federal income tax withheld Investment expenses Foreign tax paid Foreign country or U.S. possession... N/A 8 Tax-exempt interest Specified private activity bond interest Tax-exempt bond CUSIP no. (see instructions)... various tax form SCHEDULE D (Form 1040) Department of the Treasury Internal Revenue Service (99) Name(s) shown on return Capital Gains and Losses Attach to Form 1040 or Form 1040NR. See Instructions for Schedule D (Form 1040). Use Form 8949 to list your transactions for lines 1, 2, 3, 8, 9, and 10. OMB No Attachment Sequence No. 12 Your social security number 11 Gain from Form 4797, Part I; long-term gain from Forms 2439 and 6252; and long-term gain or (loss) from Forms 4684, 6781, and Net long-term gain or (loss) from partnerships, S corporations, estates, and trusts from Schedule(s) K Capital gain distributions. See the instructions Long-term capital loss carryover. Enter the amount, if any, from line 13 of your Capital Loss Carryover Worksheet in the instructions ( ) 15 Net long-term capital gain or (loss). Combine lines 8 through 14 in column (h). Then go to Part III on the back , For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No H Schedule D (Form 1040) of 41

20 Form 1099-INT: Interest Income This portion of your Tax Information Statement reflects interest credited to your account from interest income, U.S. savings bonds and Treasury obligations, tax-exempt bonds, and specified private activity bonds. When completing your tax return, be sure to report interest from each security separately. (Box 1) Interest income This represents taxable interest paid by corporations and government agencies. Additional information is provided in this supplemental column. Report this income on IRS Form 1040, Schedule B, line 1. (Box 3) Interest on U.S. savings bonds and Treasury obligations This shows reportable interest paid on U.S. obligations, which may or may not be taxable. Report this figure on IRS Form 1040, Schedule B, line 1. (Box 5) Investment expenses These represent your share of investment expenses of a single-class REMIC. You may be able to claim them as miscellaneous itemized deductions on Form 1040, Schedule A, if they exceed 2% of your adjusted gross income. This amount is included in Box 1. (Box 6) Foreign tax paid This represents taxes paid to foreign governments on interest from foreign sources. You can choose to take the amount of any qualified foreign taxes paid or accrued during the year as a foreign tax credit or as an itemized deduction. Refer to the Foreign tax paid section of this guide for additional information. (Box 8) Tax-exempt interest This is the interest income paid on bonds issued by a state, the District of Columbia, a U.S. possession, an Indian tribal government, or a political subdivision. It also includes any accrued interest on these bonds sold between interest dates and any exempt interest dividends from a regulated investment company (RIC). The total reported in this column is also reported in the Summary section of your statement as tax-exempt interest income. Report this figure on IRS Form 1040, line 8b. (Box 9) Specified private activity bond interest This is the amount of interest from specified private activity bonds. It also includes exempt interest dividends paid by a RIC on specified private activity bonds minus an allocable share of the expenses. This figure is subject to alternative minimum tax and is included in Tax-exempt interest (Box 8). If applicable, you may need to report it on IRS Form 6251, Alternative Minimum Tax Individuals. (Box 10) Tax-exempt bond CUSIP number Vanguard Brokerage will enter the CUSIP number of the tax-exempt bond for which tax-exempt interest is reported in Box 8. If a CUSIP number wasn t issued for the tax-exempt bond, this box will be left blank. If more than one bond reported tax-exempt interest, Vanguard will enter Various instead of the CUSIP numbers of the bonds. 18 of 41

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