For this tax liability, it wouldn't matter how long a person held the fund. It would only matter how long the fund had held the security.

You won't have to pay up if you don't have a tax liability or if you have overpaid tax for whatever reason.

If you have a child under 17, you can take up to $1,000 off your tax liability per child and it doesn't matter how many kids. If you have five, that's $5,000.

mutual fund tax trap.

If you've paid at least 90 percent of your current tax liability by April 15 or 100 percent of the previous year's taxes, you won't have to pay the late payment [0.5 percent] fee.

Debt is one person's liability, but another person's asset.