Special Cases – Mutual Funds
Special rules might apply when figuring the basis. These include situations where you received short-term losses on shares for which you received:
- An exempt-interest (tax-free) dividend
- A capital-gain distribution
If either of these applies to you, see Publication 550: Investment Income and Expenses at www.irs.gov.
Related Resources
Does your job pay cash without withholding taxes? Learn how to pay income tax with cash wages at H&R Block.
If you’ve contributed too much to your IRA for a given year, you’ll need to contact your bank or investment company to request the withdrawal of the excess IRA contributions. Depending on when you discover the excess, you may be able to remove the excess IRA contributions and avoid penalty taxes.
Do you need to report your social security disability income on your tax return? Learn more from the tax experts at H&R Block.
Find out which states don’t have an income tax from the experts at H&R Block. If you live in a state without income taxes, you aren't required to file a state return.
