If the mutual fund balance in 2006 is 50,000 and in 2007 it is 55,000 does anything needed to be done for tax?

If it is not a retirement account, if you didn't sell anything, there is no gain, so their is no tax

A balance is a balance, not a gain for tax purposes until sold.

Probably, but you should have received a statement from your fund company about capital gains. Even if the fund balance was lower in 2007, you still may have incurred capital gains.

The other question is what type of account are these funds held in? If qualified (401k, etc.) then there's nothing to do now.

To Bob Shark - The fund manager may have sold shares thus creating a potential capital gain.

You should have gotten capital gain information from the mutual fund company (if there was any). If not and you did not sell any of the fund then there is nothing to report.

If the fund's returns are taxable, you would have received a 1099 from the fund company. If its in a retirement account, there is no tax consequence.

Not unless you sell shares, or get a 1099-div showing dividends, or a form showing capital gains distributions - if you have those, you report them in the current year. Most funds will have dividends, capital gains distributions, or both.

You will receive a tax document 1099DIV from the fund, showing dividends and capital gains distributions. The dividends are entered on Schedule B, and the capital gains distributions are entered on Schedule D.

These amounts usually result in a tax computation using a worksheet rather than the tax tables.

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