Header
The calendar or tax year covered, the name of the fund or REIT, its employer identification number and its address.
2438
Undistributed Capital Gains Tax Return
- Agency
- IRS
- Revision
- Rev. December 2020
- Fillable fields
- 101
- Pages
- 3
- Official source
- IRS form page
- Checked
- October 21, 2026
Form 2438: Undistributed Capital Gains Tax Return
Form 2438 is the Undistributed Capital Gains Tax Return. The instructions say it is used by regulated investment companies (RICs) and real estate investment trusts (REITs) to figure income tax on undistributed capital gains designated under section 852(b)(3)(D) or section 857(b)(3)(C).
The form is filed by the fund or REIT, not by an individual. It lists short-term and long-term capital gains and losses, nets them, subtracts capital gain dividends, and applies the rate printed on line 13 to the designated amount. The general and specific instructions are printed on pages 2 and 3 of the same PDF. A copy of the form is also attached to Form 1120-RIC or Form 1120-REIT.
You can fill out Form 2438 free in your browser on this page and download it without an account.
What's on Form 2438
Part I: short-term gains and losses
Lines 1 to 4 cover assets held one year or less: each sale with columns (a) to (f), installment sale gain from Form 6252, any unused capital loss carryover, and the net result.
Part II: long-term gains and losses
Lines 5 to 8 cover assets held more than one year, gain from Form 4797, installment sale gain from Form 6252, and the net long-term capital gain.
Part III: summary
Line 9a net capital gain, 9b capital gain dividends, line 10 undistributed capital gains, lines 11 and 12 the designated and not designated amounts, and line 13 the capital gains tax.
Signature and paid preparer
The officer's signature, date and title, and the Paid Preparer Use Only area with the preparer's name, PTIN, firm name, firm EIN, address and phone number.
How to fill out Form 2438
- 1
Period and address
Fill in the tax year space at the top. The instructions say to include the suite, room, or other unit number, and to show a P.O. box only if the Post Office does not deliver to the street address.
- 2
Lines 1 and 5
Enter each sale. Column (d) takes gross or net sales price. If gross is used, the instructions say to increase the basis in column (e) by expenses of sale such as broker's fees, commissions, or option premiums.
- 3
Lines 2 to 8
Add installment sale gain from Form 6252, any unused capital loss carryover with its computation attached, and gain from Form 4797, then combine to get lines 4 and 8.
- 4
Lines 9a to 12
Figure net capital gain, subtract capital gain dividends to get undistributed capital gains, then split it into the designated amount on line 11 and the rest on line 12.
- 5
Line 13
The form says to multiply line 11 by 21% (0.21). The instructions say to deposit the tax due by the 30th day after the end of the tax year.
- 6
Sign
An authorized officer signs and dates it. The instructions say the paid preparer space stays blank if a corporate officer completes the form.
Why fill Form 2438 on indox
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When and where to file, payment and penalties
When to file
The instructions say to file Form 2438 by the 30th day after the end of the RIC's or the REIT's tax year.
Where to file
File the original with the Department of the Treasury, Internal Revenue Service Center, Kansas City, MO 64999, and attach a copy to Form 1120-RIC or Form 1120-REIT.
Paying the tax
The instructions say RICs and REITs use electronic funds transfers for federal tax deposits, generally through EFTPS, with a same-day wire option through the Federal Tax Collection Service.
Late filing
The instructions list 5% of the unpaid tax for each month or part of a month late, up to 25%. For a return more than 60 days late, the minimum is the smaller of the tax due or $435.
Late payment
The instructions list 1/2 of 1% of the unpaid tax for each month or part of a month, up to 25%, unless the failure was due to reasonable cause.
Related forms
1120-RIC
U.S. Income Tax Return for Regulated Investment Companies
325 fields, 4 pages
8949
Sales and Other Dispositions of Capital Assets
202 fields, 2 pages
1120
Capital Gains and Losses
48 fields, 1 page
6252
Installment Sale Income
49 fields, 4 pages
4797
Sales of Business Property (Also Involuntary Conversions and Recapture Amounts Under Sections 179 and 280F(b)(2))
182 fields, 2 pages
Who fills out Form 2438?
The instructions say RICs and REITs file Form 2438 if the RIC or REIT is electing to designate undistributed capital gains. It is signed by a corporate officer or fiduciary.
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Questions about Form 2438
Who files Form 2438?
The instructions say regulated investment companies and real estate investment trusts file it if they elect to designate undistributed capital gains. It is not a form for individual taxpayers.
Does a RIC with several funds file one form?
No. The instructions say each fund of a RIC with more than one fund files a separate Form 2438.
When is Form 2438 due?
The instructions say by the 30th day after the end of the RIC's or the REIT's tax year. The tax on line 13 is deposited by the same day.
Where is Form 2438 sent?
The original goes to the Internal Revenue Service Center, Kansas City, MO 64999. A copy is attached to Form 1120-RIC or Form 1120-REIT.
How is the tax on line 13 figured?
The form says to multiply the designated undistributed capital gains on line 11 by 21% (0.21).
Where are the instructions?
They are printed on pages 2 and 3 of the Form 2438 PDF. The About Form 2438 page lists no separate instructions.