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December Department of the Treasury Internal Revenue Service 2438 Undistributed Capital Gains Tax Return OMB No Form
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People also ask
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What does it mean when you get a letter from Department of Treasury Internal Revenue Service?
Most IRS letters and notices are about federal tax returns or tax accounts. Each notice deals with a specific issue and includes any steps the taxpayer needs to take. A notice may reference changes to a taxpayer's account, taxes owed, a payment request or a specific issue on a tax return.
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Are undistributed capital gains taxable?
Some mutual funds and REITs keep their long-term gains and pay tax on them, rather than distributing them to shareholders. If you've invested in one of these, you'll receive an IRS Form 2439, Notice to Shareholder of Undistributed Long-Term Capital Gains. Attach Copy B to your Form 1040.
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What happens if you don't report capital gains to the IRS?
If you fail to report the gain, the IRS will become immediately suspicious. While the IRS may simply identify and correct a small loss and ding you for the difference, a larger missing capital gain could set off the alarms.
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What does OMB number mean on tax return?
OMB Numbers are form and information collection numbers assigned by The Office of Management and Budget. The Office of Management and Budget is the largest office within the Executive Office of the President of the United States.
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