7/5/2016 · Your first choice would be to recognize the excess distribution as a long-term capital gain on your personal tax return. If you are in a low tax bracket (10% or 15%), then it may be advantageous to go ahead and pick the distribution up as a long-term capital gain because the gain would have preferential tax treatment of 0% tax.
UltraTax CS calculates gains recognized on excess distributions (ordinary, short-term, and long-term gain determination) on the Partner Basis Worksheet, line 34. Data entered in this field is used to determine where the recognized gain is reported. Ordinary gains will be reported on Schedule E, Page 2.
6/1/2019 · How & where to enter gain on excess distribution reported on K-1, Box 17, Code V, for an S corp? This will be long term capital gain . I’m using Turbotax Premier for 2015. Your question and facts assume that someone is maintaining your basis in the S corporation and knows for certain that this is a distribution in excess of your basis.
6/4/2019 · How/where to report distribution in excess of basis (LLC)? Yes , if you received a distribution that was more than your adjusted basis, you have taxable income . In most cases, this is a long-term capital gain, which is reported on Schedule D (as a sale with no basis).
6/3/2020 · An excess qualifying distribution is the amount by which the total qualifying distributions treated as made out of undistributed income for any tax year beginning after 1969, or as made out of corpus for the tax year (other than distributions by donee organizations described in Certain contributions to exempt organizations, or the amount applied to a prior tax year by the choices with.
3/18/2020 · Holders of mutual fund shares are required to pay taxes on capital gains distributions made by the funds they own, whether or not the money is reinvested in additional shares.
The fund’s NAV was reduced to $9 by the capital gains distribution of $1, and you reinvested the gain to give you a total of 1,111.11 shares: $1,000 reinvested in at the new NAV of $9 works out to 111.11 shares. You would have 1,000 shares at $9 and $1,000 cash if you didn’t reinvest the gain . Either way, you have $10,000. ? ?, Passive Investments from Overseas & the IRS. PFIC Excess Distribution Calculation Example: When it comes to offshore and foreign investments, it does not get much more complicated (for non-Business tax returns) than the dreaded PFIC Analysis. A PFIC is a Passive Foreign Investment Company and highly frowned upon by the IRS.As a result, the IRS has seemingly devised a scheme to penalize Foreign …
6/11/2020 · Any excess losses after that can be used to offset short-term capital gains . You also may use capital losses to offset up to $3,000 of other income, such as earnings or dividend income.
