Double self liquidating fund

03-Feb-2020 09:58 by 4 Comments

Double self liquidating fund - 1a chat dating site

Lest anyone think this makes reporting easier, remember that gains and distributions before 5/6/03 will not be included (meaning that such gains for the period 1/1/03—5/5/03 will be taxed higher than dividends received in that period).Also, capital losses are netted against capital gains before applying the favorable capital gains rates. Computing 2003 capital gains tax Example (1): Don and Joan have $51,800 in taxable income on their joint return, plus $40,000 from capital gains distributions and sales of mutual fund shares, all after 5/5/03.

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(Profit on shares held a year or less before sale is ordinary income, but capital gain distributions are long-term regardless of the length of time held before the distribution.) Before 5/6/03. For capital gains distributions received after 5/5/03 and for gains on shares held long-term (more than a year) when sold after 5/5/03, the tax rate is 15% of net gain (except 5% if the taxpayer is otherwise below the 25% bracket).

For sales after 5/5/03 and before 2009, the 5% rate applies (). Mutual fund stock gains otherwise taxable at a 20% rate after 2008 will be taxed at 18%, if the stock was acquired or treated as acquired after 2000 and held more than 5 years.

Stock whose ownership began before 2001 is treated as if acquired after 2000 if the taxpayer so elected.

A further complication, which works in taxpayers’ favor, is this: Say your taxable income, apart from long-term capital gains and qualified dividends, puts you in a tax bracket below 25% (that’s below ,800 on a joint return).

In this case you’ll get the benefit of the lower rate (10% for pre 5/6/03 long-term gains, 5% for post 5/5/03 long-term gains and 2003 dividends whenever received) on the amount of gain between your taxable income and the start of your 25% bracket.

The 2003 Act imposes several different tax rates in 2003 on the same person, for the same kind of transaction, depending on tax bracket, period held, and when during the year the transaction occurred.

Official Washington is predicting massive taxpayer confusion, tax reporting complexities and mistakes, resulting from the capital gains changes. Mutual funds sometimes retain a part of their capital gain and pay tax on them.

For capital gains distributions received before 5/6/03 and for gains on shares held long-term (more than a year) when sold before 5/6/03, the tax rate is 20% of net gain (except 10% if the taxpayer is otherwise below the 25% bracket). The 15%/5% rates apply through 2008, except that the 5% rate becomes 0 in 2008.

The rates revert to 20% and 10% (as before 5/6/03) in 20, with an 18% rate for certain assets held more than 5 years, see below.

Qualified dividends are, with certain exceptions, dividends received from domestic and foreign corporations after 2002 and before 2009—even including dividends received in 2003 before the 2003 Act was enacted (late May). Dividends from mutual funds qualify where a mutual fund is receiving qualified dividends and distributing the required proportions thereof. When gains from the fund's sales of securities exceed losses, they are distributed to shareholders.

Dividends from foreign corporations are qualified where their stock or ADRs are traded on U. exchanges or with IRS approval where the dividends are covered by U. As with ordinary dividends, these capital gain distributions vary in amount from year to year.

Because these payments are considered dividends to you, they must be reported on your tax return.

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