If you have investment accounts that are not inside your IRA or 401k, it is important to know that you may have taxable income that must be reported on your income tax return.
Many people think that since they don’t take money out of their investment account, there isn’t any income to be reported. Oftentimes, taxpayers have their investment income reinvested inside the account instead of withdrawing the money earned. However, the funds that are reinvested are generally still taxable in the year they are earned.
The broker or clearing house that holds your investments should send you tax documents at year end. You may not receive mailed documents. If you have elected a paperless option, it will be your responsibility to access your tax documents in your online account or ask your investment advisor for a copy.
Most brokerage firms send Consolidated 1099 forms. The consolidated form includes 1099-INT that reports interest earned (both taxable and tax-exempt), 1099-DIV that reports dividends (both ordinary and qualified), and 1099-B that reports sales of stocks, bonds, or mutual funds. There may be other, less common, forms included in the consolidated 1099 as well. All of the forms must be taken into account when filing your tax return.
It is always a good idea to schedule an appointment with your investment advisor in the latter part of the tax year to go over your anticipated investment income. If your anticipated investment income is going to trigger a tax situation you aren’t comfortable with, your advisor may be able to adjust some of your holdings to minimize the effect on your taxes.
If you have questions about Investment Income and would like help from the Tax Professionals at H&R Block, please call your local H& R Block office. In Manchester TN call 931-728-9462. H&R Block Has Your Back!
Tennessee gas price average down 3 cents; Coffee County below state and national average
The Tennessee gas price average declined for the second week in a row, falling nearly three cents over last week. The Tennessee Gas Price average is now $2.84 which is two cents less than one month ago and 93 cents more than one year ago. The Coffee County average is $2.82 which makes the county 2 cents below the state average and 34 cents below the national average.
“Crude oil prices saw not only a dramatic drop on the week, but the price per barrel is at the cheapest in three months,” said Megan Cooper, spokeswoman, AAA – The Auto Club Group. “If this downward trend continues and less expensive prices are sustained, Tennesseans can expect to see additional relief at the pump in the near future. This week, Tennessee is the 5th least expensive market in the nation.”
Quick Facts
· 93% of Tennessee gas stations have prices below $3.00
· The lowest 10% of pump prices are $2.60 for regular unleaded
· The highest 10% of pump prices are $3.14 for regular unleaded
· Tennessee moved to the 5th least expensive market in the nation
National Gas Prices
Crude oil prices saw a significant decline of $5/bbl on the week, down to $62.32/bbl at Friday’s close. Prices are declining as market concerns grow that crude demand will decline as coronavirus infections increase across the globe. The downward crude price trend could spell good news for motorists.
While today’s national gas price average ($3.16) is just two cents cheaper than last Monday, by the end of this week it could be even less. All eyes are on gasoline demand, which has declined for three straight weeks. The Energy Information Administration’s (EIA) latest reading puts demand at 9.3 million b/d. That is a healthy pandemic demand reading, but still about 6% below the same week in August 2019. The softer demand readings have pushed gasoline stock levels over 228 million bbl.
“Cheaper crude, softening demand and growing stock levels equal the right combination for cheaper prices at the pump, which many Americans would likely welcome after such an expensive summer,” added Cooper.
At $3.16, today’s national average is 98 cents more than a year ago and 56 cents more than two years ago.
National Oil Market Dynamics
At the close of Friday’s formal trading session, WTI decreased by $1.37 to settle at $62.32. Price decreases occurred despite EIA’s latest report showing that total domestic crude stocks decreased by 3.3 million bbl to 435.5 million bbl last week. For this week, crude prices could decrease further if demand concerns persist due to surging coronavirus infection rates across the globe.
At least 21 dead in Middle Tennessee flooding; Coffee Co Rescue Squad sends swift water rescue team
A record-setting total of 17 inches of rain fell on Humphreys County in Middle Tennessee Saturday, leading to multiple deaths, millions of dollars in property damage and many still missing as of Sunday afternoon.
Coffee County Rescue Squad was paged early Saturday and asked to send a swift-water rescue team to the area to help save lives from high water levels across the county.
According to Neal Simmons with the rescue squad, Coffee County sent 4 swift water rescuers to the area at 11 a.m. Saturday and severe weather forced them to leave at approximately 9 p.m. Saturday.
As of Sunday afternoon, there have been 21 deaths reported and approximately 30 people were still reported missing.
Tennessee Emergency Management Agency activated a state of emergency in response to the devastating flooding.
Items accepted locally
The Coffee County Sheriff’s Department and Justice Center have a trailer placed at the justice center to be filled with items to take to Waverly early Thursday morning. Items being accepted include food, toiletries, water, dog and cat food, diapers, baby formula and any other emergency assistance items.
Manchester police stepping up DUI enforcement
Manchester Police Department is partnering with the Tennessee Highway Safety Office (THSO) for its “Booze It and Lose It” campaign from August 18 to September 6, surrounding the Labor Day holiday. This initiative coincides with the National Highway Traffic Safety Administration’s “Drive Sober or Get Pulled Over” mobilization to increase impaired-driving enforcement nationwide.
Increased state and national messaging about the dangers of drunk driving, coupled with increased sobriety checkpoints and high visibility enforcement, aim to drastically reduce the number of drunk-driving crashes, injuries, and fatalities this year.
The consequences of a single DUI conviction for a first-time offender in the state of Tennessee may include costly fines, court costs, legal fees, jail time, mandatory drug and alcohol treatment, and/or the installation of an ignition interlock device in his/her vehicle.
The THSO provides grant funding to support Manchester Police Department increased enforcement efforts during the Booze It and Lose It campaign. For more information about the THSO, please visit www.tntrafficsafety.org.
McMinnville Police searching for suspect in armed robbery
McMinnville Police Department officials are asking for the public’s help identifying a suspect who committed an armed robbery at 8:30 a.m. Friday at Vape City on Old Smithville Highway.
Anyone with any possible information is asked to call Detectives at 931-473-3386 or call the non-emergency line at 931-668-7000. Thank you for your help.
Tuesday is final day to purchase Bonnaroo tickets
Two days remain to purchase discounted tickets to the 2021 Bonnaroo Music and Arts Festival.
Thunder Radio Coffee County Broadcasting Inc. has 4-day general admission tickets for sale at a special discounted rate for Coffee County residents. The last day to purchase tickets is Tuesday, Aug. 24 with the cutoff at 5 p.m. Box office will be open from 9-5 p.m. Monday and Tuesday.
Tickets are $175 apiece with an additional $15 shipping per order. Camping and parking passes are also available for purchase.
Purchaser must live within Coffee County and must pay with credit or debit card. Thunder Radio is located at 1030 Oakdale St. in Manchester, TN.
VICTORY: Raiders open season with 21-14 win at Franklin County
It took three plays for the Coffee County Central Red Raiders to take the lead over Franklin County Friday night.
The Raiders never looked back.
Connor Shemwell connected with Kelby Walker down the sidelines for a 75-yard touchdown strike just minutes into the game and the Raider defense was stout as CHS left Winchester with a 21-14 win Friday night – a game you heard live on Thunder Radio.
MISS THE GAME? LISTEN TO THE REPLAY. CLICK HERE FOR THE FIRST HALF. . . . . . CLICK HERE FOR THE SECOND HALF.
It was the start of a solid night for Shemwell – the Raiders’ senior signal caller who was just one day removed from medical clearance to participate after tearing his ACL in early March. Unofficially, Shemwell went 14-of-20 through the air for 130 and a pair of touchdowns. He later connected with Jahlin Osbourne in the corner of the end zone from 6 yards out.
Coffee County’s other score came on a 17 yard rumble up the middle by Konor Heaton, who racked up 137 yards on 29 totes. Osbourne led the Raiders in receptions with 6 for 47 yards.
Coffee County led at halftime and had a 21-7 lead with just over 3 minutes to play before the Rebels cut into the lead on an 11 yard touchdown run by Manny Scott.
The Rebels had the ball in the waning seconds and go into Raider territory, but linebacker Kendall James picked off a Keandre Johnson pass to seal the win. The Raider defense was stout all night – intercepting Johnson three times. Cole Pippenger and Ian Welden also had interceptions.
The Raiders are 1-0 with the win and will host Tullahoma on Friday in the annual Coffee Pot Rivalry. Kickoff is at 7 p.m. at Carden-Jarrell Field. Paper tickets will be sold at CHS through the week and online at www.gofan.co. Tickets will not be sold at the gate.
Of Course the broadcast will be on Thunder Radio – Friday Night Thunder Pregame begins at 6 p.m: 107.9 FM, 1320 AM, 106.7 FM, Manchester Go app and thunder1320.com.
Addison Vanwinkle 
Konor Heaton 
Ian Welden 
Colby McCormick 
Jaiden Foster, Konor Heaton 
Jaiden Foster 
#5 Tristan Galy 
Kelby Walker 
Konor Heaton 
Connor Shemwell
Former Coffee County Sheriff passes away
Former Coffee County Sheriff Ronnie Gault has passed away.
Gault, who served in law enforcement for 47 years, was serving as a deputy with the Bedford County Sheriff’s Department at the time of his passing. He passed away surrounded by his family on Tuesday, Aug. 17 at his residence in Manchester. He was 73.
Ronnie Gault was elected sheriff in 1994, defeating incumbent Freddy Conn. He served one term as sheriff. Prior to being elected sheriff, Gault worked with the Coffee County Sheriff’s Department since 1974.
The Coffee County Sheriff’s Department released a statement on Gault’s passing:
“Deputy Gault was a kind and friendly man to all he worked with helping everyone he could. Deputy Gault will be sorely missed. Please keep the Gault family in your thoughts and prayers.”
A celebration of life will be conducted at noon Saturday, Aug. 21 at Coffee County Funeral Chapel. Visitation from 4-8 p.m. Friday, Aug. 20.
Amacher files lawsuit to allow for partisan municipal elections
In a lawsuit obtained by Thunder Radio, Tullahoma alderman Jenna Amacher has filed litigation against the State of Tennessee in an effort to make municipal elections partisan.
Amacher’s lawsuit claims she is being denied freedom of speech under the First Amendment and equal protection by the 14th Amendment.
Currently, TCA does not allow for partisan municipal elections in Tennessee.
A change in the law could open up municipal elections (such as city mayor and city alderman) to having primaries. Currently, most county political races consist of primaries and are partisan.
Amacher argues in her lawsuit, filed in federal court, that “the prohibition directly hampers the ability of the party to spread its message and hamstrings voters seeking to inform themselves about the candidates and the campagn issues.”
Amacher’s lawsuit does not seek compensation except for legal fees.
Coffee County man arrested, charged with arson
An investigation by special agents and fire investigators with the Tennessee Bureau of Investigation, Coffee County Fire Investigations team, and Coffee County Sheriff’s Office has resulted in the indictment of a 65-year-old Beechgrove man on an arson charge.
On February 13th, TBI fire investigators joined Coffee County officials in responding to a fire scene on Lakeshore Drive in Beechgrove. During the course of the investigation, agents developed information that identified James Davis as the individual responsible for starting the fire.
In June, the Coffee County Grand Jury returned an indictment charging James Davis (04/14/1956) with one count of Arson. Davis was arrested Wednesday and booked into the Coffee County Jail on a $25,000 bond.
