2009 Publication 564
PAGER/SGMLUserid: SD 77WMB DTD tipxLeadpct: -5% Pt. size: 8Fileid: D:\Users\77WMB\Documents\564\P564-Updated Feb 5.xmlPage 1 of 16 of Publication 564 Draft(Init. & date) Ok to Print15:14 - 17-FEB-2010The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing.Publication 564Cat. No. 15112NDepartmentof theTreasuryInternalRevenueServiceMutual FundDistributionsFor use in preparing2009 ReturnsContentsReminder . . . . . . . . . . . . . . . . . . . . . .1Introduction . . . . . . . . . . . . . . . . . . . . .1Tax Treatment of DistributionsOrdinary Dividends . . . . . . .Capital Gain Distributions . .Exempt-Interest Dividends . .Nondividend Distributions . .Reinvestment of DistributionsHow To Report . . . . . . . . .Keeping Track of Your Basis . . . .Shares Acquired by Purchase .Shares Acquired byReinvestment . . . . . . . . .Shares Acquired by Gift . . . . .Shares Acquired by InheritanceAdjusted Basis . . . . . . . . . . .2223333. 4.4. 5.5.5.5Sales, Exchanges,and Redemptions . . . . . . . . . . . . . . 5Identifying the Shares Sold . . . . . . . . . 6Gains and Losses . . . . . . . . . . . . . . . 8Investment Expenses . . . . . . . . . . . . . . 9Limit on Investment InterestExpense . . . . . . . . . . . . . . . . . . 10Comprehensive Example . . . . . . . . . . . 10How To Get Tax Help . . . . . . . . . . . . . . 14Index . . . . . . . . . . . . . . . . . . . . . . . . . . 16ReminderPhotographs of missing children. The Internal Revenue Service is a proud partner with theNational Center for Missing and Exploited Children. Photographs of missing children selectedby the Center may appear in this publication onpages that would otherwise be blank. You canhelp bring these children home by looking at thephotographs and calling 1-800-THE-LOST(1-800-843-5678) if you recognize a child.IntroductionThis publication provides federal income tax information for individual shareholders of mutualfunds or other regulated investment companies,including money market funds. It explains: How to report distributions paid to you bya mutual fund and any expenses connected with your investment, How to report undistributed long-term capital gains, and How to figure and report your gain or losswhen you sell, exchange, or redeem yourmutual fund shares.Get forms and other informationfaster and easier by:Internet www.irs.govFeb 17, 2010A comprehensive example, with filled-informs, appears at the end of the publication.In this publication, the term “mutual fund”means a mutual fund or other regulated investment company.Mutual fund. A mutual fund is a regulatedinvestment company generally created by “pooling” funds of investors to allow them to takeadvantage of a diversity of investments and professional management.
Page 2 of 16 of Publication 56415:14 - 17-FEB-2010The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing.Money market fund. A money market fundis a mutual fund that tries to increase currentincome available to shareholders by buyingshort-term market investments.Money market funds pay dividends andshould not be confused with bank money marketaccounts that pay interest.Qualified retirement plans and IRAs. Therules in this publication do not apply to mutualfund shares held in individual retirement arrangements (IRAs), section 401(k) plans, andother qualified retirement plans. The value of themutual fund shares and earnings allocated toyou are included in your retirement plan assetsand stay tax free generally until the plan distributes them to you. The tax rules that apply toretirement plan distributions are explained in thefollowing publications.Form (and Instructions) Schedule B (Form 1040A or 1040)Interest and Ordinary Dividends Schedule D (Form 1040) Capital Gainsand LossesOrdinary Dividends 1099-B Proceeds From Broker andBarter Exchange TransactionsAn ordinary dividend is a distribution by a mutualfund out of its earnings and profits. Include ordinary dividends that you receive from a mutualfund as dividend income on your individual income tax return.Ordinary dividends are the most commontype of dividends. They will be reported in box 1aof Form 1099-DIV or on a similar statement youreceive from the mutual fund. 1099-DIV Dividends and Distributions 2439 Notice to Shareholder ofUndistributed Long-Term CapitalGains 4952 Investment Interest ExpenseDeductionSee How To Get Tax Help near the end ofthis publication for information about gettingthese publications and forms. Publication 560, Retirement Plans forSmall Business (SEP, SIMPLE, and Qualified Plans). Publication 571, Tax-Sheltered AnnuityPlans (403(b) Plans). Publication 575, Pension and Annuity Income. Publication 590, Individual Retirement Arrangements (IRAs). Publication 721, Tax Guide to U.S. CivilService Retirement Benefits.Comments and suggestions. We welcomeyour comments about this publication and yoursuggestions for future editions.You can write to us at the following address:Internal Revenue ServiceIndividual Forms and Publications BranchSE:W:CAR:MP:T:I1111 Constitution Ave. NW, IR-6526Washington, DC 20224We respond to many letters by telephone.Therefore, it would be helpful if you would include your daytime phone number, including thearea code, in your correspondence.You can email us at *taxforms@irs.gov. (Theasterisk must be included in the address.)Please put “Publications Comment” on the subject line. Although we cannot respond individually to each email, we do appreciate yourfeedback and will consider your comments aswe revise our tax products.Ordering forms and publications. Visitwww.irs.gov/formspubs to download forms andpublications, call 1-800-829-3676, or write to theaddress below and receive a response within 10days after your request is received.Internal Revenue Service1201 N. Mitsubishi MotorwayBloomington, IL 61705-6613Tax questions. If you have a tax question,check the information available on www.irs.govor call 1-800-829-1040. We cannot answer taxquestions sent to either of the above addresses.Useful ItemsYou may want to see:Publication 550Page 2Investment Income and ExpensesDistributions designated as exempt-interestdividends are not taxable. (See Exempt-InterestDividends, later.)Tax Treatmentof DistributionsA distribution you receive from a mutual fundmay be an ordinary dividend, a qualified dividend, a capital gain distribution, an exempt-interest dividend, or a nondividenddistribution. The fund will send you a Form1099-DIV or similar statement telling you thekind of distribution you received. This sectiondiscusses the tax treatment of each kind of distribution, describes how to treat reinvested distributions, and explains how to reportdistributions on your return.You may be treated as having receiveda distribution of capital gains even if theCAUTIONfund does not distribute them to you.See Undistributed capital gains under CapitalGain Distributions.!Community property states. If you are married and receive a distribution that is communityincome, one-half of the distribution is generallyconsidered to be received by each spouse. Ifyou file separate returns, you must each reportone-half of any taxable distribution. See Publication 555, Community Property, for more information on community income.If the distribution is not considered community income under state law and you and yourspouse file separate returns, each of you mustreport your separate taxable distributions.Share certificate in two or more names. Iftwo or more persons, such as you and yourspouse, hold shares as joint tenants, tenants bythe entirety, or tenants in common, distributionson those shares are considered received byeach of you to the extent provided by local law.Certain year-end dividends received in January. Dividends declared and made payable bymutual funds in October, November, or December are considered received by shareholders onDecember 31 of the same year even if the dividends are actually paid during January of thefollowing year.Tax-exempt mutual fund. Distributions froma tax-exempt mutual fund (one that invests primarily in tax-exempt securities) may consist ofordinary dividends, capital gain distributions,nondividend distributions, or undistributed capital gains like any other mutual fund. These distributions generally are treated the same asdistributions from a regular mutual fund.Qualified dividends. Many ordinary dividends you received are also classified as qualified dividends. The amount of your qualifieddividends will be shown in box 1b of Form1099-DIV or on a similar statement you get fromthe mutual fund.Qualified dividends are taxed at the samemaximum tax rates that apply to a net capitalgain. They are taxed at 15% if the regular taxrate that would apply is 25% or higher. They aretaxed at 0% (zero%) if the regular tax rate thatwould apply is lower than 25%.To be a qualified dividend subject to the 0%or 15% rate, all of the following requirementsmust be met.1. The dividend must have been paid by aU.S. corporation or a qualified foreign corporation. See chapter 1 of Publication 550for the definition of a qualified foreign corporation.2. The dividend must not be of a type excluded by law from the definition of a qualified dividend. See chapter 1 of Publication550 for a list of these types of dividends.3. You must meet the holding period requirement (discussed next).Holding period. You must have held thestock for more than 60 days during the 121-dayperiod that begins 60 days before theex-dividend date. The ex-dividend date is thefirst date following the declaration of a dividendon which the buyer of a stock is not entitled toreceive the next dividend payment. When counting the number of days you held the stock,include the day you disposed of the stock, butnot the day you acquired it.More information. See chapter 1 of Publication 550 for more information about qualifieddividends.Capital Gain DistributionsThese distributions are paid by mutual fundsfrom their net realized long-term capital gains.The Form 1099-DIV (box 2a) you receive or thefund’s statement will tell you the amount you areto report as a capital gain distribution. Capitalgain distributions are taxed as long-term capitalgains regardless of how long you have ownedthe shares in the mutual fund.Undistributed capital gains. Mutual fundsmay keep some of their long-term capital gainsand pay taxes on those undistributed amounts.You must report your share of these amounts aslong-term capital gains, even though you did notactually receive a distribution. You can take aPublication 564 (2009)
Page 3 of 16 of Publication 56415:14 - 17-FEB-2010The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing.credit for your share of any tax paid because youare considered to have paid it.Form 2439. The fund will send you Form2439, instead of Form 1099-DIV, showing yourshare of the undistributed long-term capitalgains in box 1a and any tax paid by the mutualfund in box 2. Attach Copy B of Form 2439 toyour return.Increase to basis. When you report undistributed capital gains from a mutual fund, youmust increase your basis in the shares. Youmust keep Copy C of Form 2439 to show thisincrease. See Adjusted Basis, later.Exempt-Interest DividendsA mutual fund may pay exempt-interest dividends to its shareholders if it meets certain requirements. These dividends are paid fromtax-exempt interest earned by the fund. Sincethe exempt-interest dividends keep theirtax-exempt character, do not include them inincome. However, you may need to report themon your return. See Information reporting requirement, next. The mutual fund should sendyou a Form 1099-INT showing your exempt-interest dividends. Exempt-interest dividends should be shown on Form 1099-INT, box8.Information reporting requirement. Although exempt-interest dividends are not taxable, you must report them on your tax return ifyou are required to file. This is an informationreporting requirement and does not converttax-exempt interest to taxable interest. Also, thisincome is generally a “tax preference item” andmay be subject to the alternative minimum tax.Form 1099-INT, box 9, should show thetax-exempt interest subject to the alternativeminimum tax. If you receive exempt-interest dividends, you should see Form 6251, AlternativeMinimum Tax — Individuals, for more information.NondividendDistributionsA nondividend distribution is a distribution that isnot out of earnings and profits and is a return ofyour investment, or capital, in the mutual fundand is shown on Form 1099-DIV, box 3.A nondividend distribution reduces your basis in the shares. Basis is explained under Keeping Track of Your Basis, later. Your basis cannotbe reduced below zero. If your basis is zero, youmust report the nondividend distribution on yourtax return as a capital gain. Report this capitalgain on Schedule D (Form 1040). Whether it is along-term or short-term capital gain depends onhow long you held the shares.Example. You bought shares in a mutualfund in 2005 for 12 a share. In 2006, youreceived a nondividend distribution of 5 ashare. You reduced your basis in each share by 5 to an adjusted basis of 7. In 2007, youreceived a nondividend distribution of 1 pershare and further reduced your basis in eachshare to 6. In 2008, you received a nondividenddistribution of 2 per share. Your basis wasreduced to 4. In 2009, the nondividend distribution from the mutual fund was 5 a share. Youreduce your basis in each share to zero andreport the excess ( 1 per share) as a long-termcapital gain on Schedule D (Form 1040).Publication 564 (2009)Reinvestmentof DistributionsMost mutual funds permit shareholders to automatically reinvest distributions in more shares inthe fund, instead of receiving cash. You mustreport the reinvested amounts the same way asyou would report them if you received them incash. This means that reinvested ordinary dividends and capital gain distributions generallymust be reported as income. Reinvested exempt-interest dividends generally are not reported as income. Reinvested return of capitaldistributions are reported as explained underNondividend Distributions, earlier. See KeepingTrack of Your Basis, later, to determine the basisof the additional shares.How To ReportYou must report mutual fund distributions onForm 1040 or Form 1040A. You cannot reportmutual fund distributions on Form 1040EZ.You cannot use Form 1040A and must useForm 1040 in either of the following situations. You received a nondividend distributionthat must be reported as a capital gainbecause it is more than your basis in yourmutual fund shares. You must report an undistributed capitalgain.Form 1040A. If you file Form 1040A, reportyour exempt-interest dividends on line 8b. Report your ordinary dividend distributions on line9a and your qualified dividend distributions online 9b. If the total of the ordinary dividends youreceived is more than 1,500 or you receivedordinary dividends as a nominee, first report theordinary dividends on Schedule B (Form 1040Aor 1040), Part II, line 5. Report the total from line6 of that schedule on Form 1040A, line 9a.Attach Schedule B (Form 1040A or 1040) toyour return.If you reported qualified dividends on Form1040A, line 9b, use the Qualified Dividends andCapital Gain Tax Worksheet in the Form 1040Ainstructions.!CAUTIONDo not include capital gain distributionsas dividend income on Form 1040A orSchedule B (Form 1040A or 1040).Capital gain distributions. If you receivedcapital gain distributions, you may have to fileForm 1040. But you can report capital gain distributions on Form 1040A, line 10, instead of onForm 1040, if both of the following are true.1. None of the Forms 1099-DIV (or substitutestatements) you received have an amountin box 2b, 2c, or 2d.2. You do not have to file Form 1040 for anyother reason. (For example, you must nothave any other capital gains or any capitallosses.)If you can use Form 1040A to report yourcapital gain distributions, use the Qualified Dividends and Capital Gain Tax Worksheet in theForm 1040A instructions to figure your tax.Form 1040. If you file Form 1040, report yourexempt-interest dividends on line 8b. Reportyour ordinary dividend distributions on line 9aand your qualified dividend distributions on line9b. If the total of the ordinary dividends youreceived is more than 1,500 or you receivedordinary dividends as a nominee, first report theordinary dividends on Schedule B (Form 1040Aor 1040), Part II, line 5. Report the total from line6 of that schedule on Form 1040, line 9a. AttachSchedule B (Form 1040A or 1040) to your return.If you reported qualified dividends on line 9b,use the Qualified Dividends and Capital GainTax Worksheet in the Form 1040 instructions orthe Schedule D Tax Worksheet in the ScheduleD instructions, whichever applies, to figure yourtax.!CAUTIONDo not include capital gain distributionsas dividend income on Form 1040 orSchedule B (Form 1040A or 1040).Capital gain distributions. If you receivedcapital gain distributions, you report them eitherdirectly on Form 1040, line 13, or on Schedule D(Form 1040), line 13, depending on your situation. Report them on Schedule D (Form 1040),line 13, unless both of the following are true.1. The only amounts you would have to report on Schedule D (Form 1040) are capital gain distributions from Form 1099-DIV,box 2a (or similar statement).2. You do not have an amount in box 2b, 2c,or 2d, of any Form 1099-DIV (or similarstatement).If both of the above statements are true, reportyour capital gain distributions directly on Form1040, line 13, and check the box on that line.Also, use the Qualified Dividends and CapitalGain Tax Worksheet in the Form 1040 instructions to figure your tax.Undistributed capital gains. To report undistributed capital gains, you must completeSchedule D (Form 1040) and attach it to yourreturn. Report these gains on Schedule D (Form1040), line 11, and attach Copy B of Form 2439to your return. Report the tax paid by the mutualfund on these gains on Form 1040, line 70, andcheck box a on that line.Table 1. See Table 1 for more information onwhere to report your mutual fund distributions onForm 1040 or Form 1040A.Nominees. If you received a Form 1099-DIVor Form 2439 as a nominee (that is, it includesamounts that actually belong to someone else,other than your spouse), you must file a Form1099-DIV or Form 2439 with the Internal Revenue Service and give the actual owner a copy.See the instructions for Forms 1099 or Form2439 for details.If you received an ordinary dividend distribution as a nominee, report it on Schedule B (Form1040A or 1040), line 5. Under your last entry online 5, enter a subtotal of all ordinary dividendslisted. Below this subtotal, enter “Nominee Distribution” and show the total ordinary dividendsyou received as a nominee. Subtract thisamount from the subtotal and enter the result online 6.If you received a capital gain distribution orwere allocated an undistributed capital gain as anominee, report only the amount that belongs toyou on Form 1040A, line 10, Form 1040, line 13,or Schedule D (Form 1040), line 13, whicheveris appropriate. Attach a statement to your returnshowing the full amount you received or wereallocated and the amount you received or wereallocated as a nominee.Foreign tax deduction or credit. Some mutual funds invest in foreign securities or otherPage 3
Page 4 of 16 of Publication 56415:14 - 17-FEB-2010The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing.foreign instruments. Your mutual fund maychoose to allow you to claim a deduction orcredit for the taxes it paid to a foreign country orU.S. possession. The fund will notify you if thisapplies to you. The notice will include your shareof the foreign taxes paid a
mutual fund shares. A comprehensive example, with filled-in forms, appears at the end of the publication. In this publication, the term “mutual fund” means a mutual fund or other regulated invest-Get forms and other information ment company. faster and easier by: Mutual fund.A mutual fund
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