Assets and Sources of Investment Income

Report assets and investment income from assets in Schedule A. Certain assets may be held through an agreement or arrangement with an employer or former employer, and you will need to report any such agreements or arrangements that you have in Schedule C, Part II.

For You, Your Spouse, and Your Dependent Children

Schedule A

Report an asset if the value of the asset was more than $1,000 at the end of the reporting period, or if the asset produced more than $200 in income during the reporting period.

Generally, you need to report assets as follows, though you should note that specific requirements and exceptions for certain types of assets are discussed in this guide:

Block A: Describe the asset being reported.

Block B: Report the value of the asset by marking the appropriate column.

EIF: If your asset is an investment vehicle that invests in assets of its own, you need to report each underlying asset that was individually worth more than $1,000 at the end of the reporting period or that individually produced more than $200 in income during the reporting period. However, you do not need to report the underlying assets if this investment vehicle qualifies as an excepted investment fund. If your asset qualifies as an excepted investment fund, mark the “Excepted Investment Fund” column located just to the right of Block B. Do not list its underlying assets. For example, most registered mutual funds qualify as excepted investment funds, and, for these qualifying mutual funds, you would mark the “Excepted Investment Fund” column rather than disclose every company in which the mutual fund is invested.

Block C: In Block C of Schedule A, you generally need to report all income produced during the reporting period. But what you need to enter in Block C depends on several factors:

•  Income Less than $201: If the asset produced less than $201 in income, mark the column labeled “None (or less than $201).” You do not need to specify the type of income.

•  Excepted Investment Fund: If the asset qualifies as an excepted investment fund, mark the “Amount” column that corresponds to the amount of income produced by the asset during the reporting period. You do not need to specify the type of income.

•  Dividends, Rent and Royalties, Interest, or Capital Gains: If the income from the asset can be classified as dividends, rent and royalties, interest, or capital gains, mark all applicable “Type” columns, unless the asset is an excepted investment fund. Also, mark an “Amount” column corresponding to the total amount of income you received during the reporting period.

•  All Other Cases: If the income from the asset cannot be classified as dividends, rent and royalties, interest, or capital gains, describe the type of income in the column labeled “Other Income” on the right side of the page (e.g., “partnership share” or “distribution”). Also, in the “Other Income” column, provide the exact amount of income produced during the reporting period, instead of marking a column to indicate only the category of amount of income.

Assets That Are Not Reportable

You do not need to report any of the following items in Schedule A:

•  A personal residence (including a vacation home used as a second residence or a vacation home used as a timeshare) that you did not rent out during the reporting period.

•  Retirement benefits from the federal government, including the Thrift Savings Plan.

•  Income from social security, veterans’ benefits, and other similar federal government benefits.

•  Deposits in a single financial institution aggregating $5,000 or less in money market accounts, certificates of deposit, savings accounts, checking accounts or other cash deposits.

•  Shares in a single money market fund aggregating $5,000 or less.

•  Term life insurance.

•  Insurance claims and reimbursements, unless they are subject to federal income tax.

•  Assets that are directly related to a trade or business.

•  Loans made by you or your spouse to each other or to a parent, sibling, child, or grandchild.

•  Interests of a spouse living separate and apart with the intention of terminating the marriage or providing for a permanent separation.

•  Interests of a former spouse or a spouse from whom you are permanently separated.

•  Payments from a spouse or former spouse associated with a divorce or permanent separation. 

 

This guide is not intended to provide investment advice, and you should not rely on statements in this guide when making investment decisions.