Irs Publication 564 - Mutual Fund Distributions - 2003
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19Publication 564
Contents
Cat. No. 15112N
Important Changes . . . . . . . . . . . . . . . . 1
Department
Mutual Fund
of the
Important Reminders . . . . . . . . . . . . . . 1
Treasury
Distributions
Internal
Introduction . . . . . . . . . . . . . . . . . . . . . 2
Revenue
Service
Tax Treatment of Distributions . . . . . . . 2
Ordinary Dividends . . . . . . . . . . . . . . 2
Capital Gain Distributions . . . . . . . . . 3
For use in preparing
Exempt-Interest Dividends . . . . . . . . . 3
Return of Capital (Nontaxable)
2003
Distributions . . . . . . . . . . . . . . . 3
Returns
Reinvestment of Distributions . . . . . . . 4
How To Report . . . . . . . . . . . . . . . . 4
Keeping Track of Your Basis . . . . . . . . . 5
Sales, Exchanges,
and Redemptions . . . . . . . . . . . . . . 7
Identifying the Shares Sold . . . . . . . . 7
Gains and Losses . . . . . . . . . . . . . . 9
Investment Expenses . . . . . . . . . . . . . . 10
Limit on Investment Interest
Expense . . . . . . . . . . . . . . . . . . 11
Comprehensive Example . . . . . . . . . . . 11
How To Get Tax Help . . . . . . . . . . . . . . 16
Index . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Important Changes
Lower maximum tax rates on capital gain.
For sales and other dispositions of property after
May 5, the 20% maximum tax rate on net capital
gain has been lowered to 15%, and the 10% rate
has been lowered to 5%. In addition, the 8% rate
for qualified 5-year gain has been eliminated.
Instead, the new 5% rate applies to gain that
would have qualified for the 8% rate. See Capital
Gain Tax Rates, later.
Qualified dividends. Qualified dividends you
received in 2003 are taxed at the same 5% or
15% rate that applies to a net capital gain. For
details, see Qualified dividends under Ordinary
Dividends, later.
Important Reminders
Reporting dividends on your return. If you
file Form 1040A, you must attach Schedule 1 to
your return if your ordinary dividend income is
more than $1,500; if you file Form 1040, you
must attach Schedule B to your return if your
ordinary dividend income is more than $1,500.
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