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Form 8300 online Connecticut: What You Should Know
These new forms do not have such reporting restriction, and are issued by Fin CEN with the authority to enter into the order by which their contents must be submitted to us. This is an automated posting — please check back as new postings are made. IRS is unable to provide further information on this new form, as all information and guidance regarding this new form is available on Fin-CEN's website and is not available from the IRS. Mutual Fund Requirements A mutual fund, including cash payments received in your mutual fund, can only be deposited by you, or if the fund is a fiduciary (which all mutual funds are), by an agent of your choosing. In general, a fiduciary can deposit the cash by accepting cash in the form of cashier's checks, bills, vouchers, cashier's checks with an amount less than 10,000. In some cases, a fiduciary may deposit by a wire. A fiduciary will not deposit cash if the cash (or an installment of cash interest) will be received by the mutual fund within 5 years. Please note that the amount of money your fiduciary gives to you will be subject to state income tax and, in some cases, state sales tax. The amount of the cash received, however, will not be subject to those taxes. Please ask your fund's broker if the cash was received in cash. Some of the funds that do not have the cash deposit rule are a “nonregistered” IRA and a “Registered” IRA. The “Nonregistered” IRA also has the option of having only the principal and interest paid into the IRA and deposited in that account. For a more thorough discussion on the differences between a mutual fund with no cash deposit rule and a “Registered” IRA, please see this blog post. How Many Cash Payments Can I Receive? Generally, you cannot receive a check or deposit of cash that is larger in value than the 10,000 (1,500 if you meet the 250,000 personal exemption) that we required you to receive in order to be in compliance. If you receive more cash in a single payment, that amounts to 100,000 in the single payment (with certain exemptions). However, you may receive, as a single payment, more than 10,000 in cash if you meet the requirements of the report. We will calculate the amount of cash in a single payment for you.
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