Serbinski Accounting Firms

This year my QEF fund produced a small net capital gain. Do I add this into "other income" on line 21 of my 1040, or do I need to attach a Schedule D? Or do I put it on Line 13 of the 1040?

Thanks.

Michele

Hello all you lovely helpful people. (Especially MGeorge, who deserves chocolate.) I've finally wrapped my brain around the 8621 for my QEF fund, which my accountant reported with an election last year. This year I have to do a purge. I've got a grip on the MTM bit, but the ordinary QEF bit is throw...

MGeorge, you are a marvel. I really do appreciate your taking that time to write that out. Sometime once I see how something like that is done, lots of other pennies drop. Once on a holiday in Belgium I did find myself having beer and chocolate at the same time. I was not sorry. :) Thanks again. Mic...

Mgeorge - what a fantastic reply! May I send you your own weight in beer or chocolate! :) The accountant - bless his cashmere socks - did include instructions for calculating the ordinary earnings. One really numpty questions - what does cost basis refer to? The original purchase price, adjusted, an...

So this is how I understand it: once I make the declaration and decide what type of income it is and fill in a few more lines on the 8621 - then the actual income gets reported in with captial gains or income.

Mrs Jack

Before this year. The accountant last year didn't report it as a QEF.

Thanks for replying.

Mrs Jack

I have that magical thing - a PFIC which comes with QEF reports. I've figured out how and where to deal with the ordinary earnings on form 8621. The net capital gain was zero, and there were two distributions. From what I can tell, once I declare it a QEF I just report the earnings as income and don...

That's useful to know, too. We are going to tackle our daughter's next and hers WILL have contributions.

Thanks again for having taken the time to write all those instructions out.

Michele

Hello CdnAmerican! It's your tutorial we've been using to make sense of the 3520-a. Many thanks for that. The backwards calculation is the one we have been using also. All the numbers drop into place except for one, so it looks like a call to Captain Expensive is inevitable. All the accountants who ...

Yes, it may come to that but it's Saturday and we are working on the forms now. With a bit of arithmetic we were hoping to avoid a few rounds of email tag with the assorted assistants that protect the accountants.

Michele

Hi. We're in the UK, but you guys have such good information on filling out form 3520-a that's it's been a HUGE help to us. I have to fill in a 3520-a for my stakeholder pension. It looks like a grantor trust to the IRS. For the last couple years our (breathtakingly expensive) tax accountant has bee...