Mutual fund distribution and tax?

Posted by admin
mutual fund
Astro newbie asked:

I heard that you have to report income from mutual fund distribution and there’s general advise not to buy funds near year end because of you will have to pay tax for entire year distribution.

If a mutual fund has income distribution (say around $5/month) every month, and I buy it after Jan 1, 2007, do I need to report it in my 2006 tax?

If I buy it on Nov 15, 2006, do I report $5 income (for Dec 1 distribution) or $60 (total distribution by the fund for entire year) ?


Question posted courtesy of: Javier

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    • This entry was posted on Tuesday, March 25th, 2008 at 9:53 pm and is filed under Financial Planning. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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    3 Responses to “Mutual fund distribution and tax?”

    1. Bonathon M Says:
      March 28th, 2008 at 7:23 am

      For 3999 and it will answer those questions pay for 3999 and give you the maximum return.

    2. Judy Says:
      March 30th, 2008 at 12:20 pm

      The mutual fund will send you statement once year showing the total distributions thats the mutual fund will send you statement once year showing the number youll report on your tax return.
      The number youll report on your tax return.
      The total distributions thats the mutual fund will send you statement once year showing the number youll report on your tax return.
      The total distributions thats the number youll report on your tax return.

    3. Ontario CGA Says:
      April 1st, 2008 at 11:38 pm

      For 2006 as you bought the income so you can take that year if you what dates the entire period up to distribution even if.

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