I just was comparing the 1099 statement that i received from
Ameritrade to the information on the 1065 form that was
generated by bivio and realized that the $4.00 of dividend
interest that we got was not reported by ameritrade, but
showed up on our 1065. Is this normal for interest under $10
? Should i remove the fact that we got any interest from
bivio so that it does not show up on the 1065. but if if i
do that my accounts will not be balanced. what is the right
way to do this ?

Thanks

Krish
Treasurer
I-Wave Investment Club

Krish,
You should find out if the 1099 is in error, or your bivio records. I'd
give Ameritrade a call and ask about the $4.00. If you received the
dividend and it is taxable, it should appear on the 1099. It wouldn't
be the first time a 1099 is in error. If this is the case, Ameritrade
will issue you a new, correct 1099. If the bivio records are in error,
simply edit the entry.
Best,
--Ion

Krish,

Neither is wrong. Under IRS rules, payers of dividend and
interest must report those payments via 1099-DIV/1099-INT
only when they exceed $10 in a year. If less than $10, the
payer can choose not to report (save paper, mailing costs).
Ameritrade is one of the brokers that does not report small
payments on Forms 1099-INT or 1099-DIV.

Even though Ameritrade is not required to report the
dividend payment, you (the club) is required to report all
income. So, the 1065 that bivio generated (which includes
the $4) is correct.

Ira Smilovitz

Ion Yadigaroglu wrote:
> Krish,
> You should find out if the 1099 is in error, or your bivio records. I'd
> give Ameritrade a call and ask about the $4.00. If you received the
> dividend and it is taxable, it should appear on the 1099. It wouldn't
> be the first time a 1099 is in error. If this is the case, Ameritrade
> will issue you a new, correct 1099. If the bivio records are in error,
> simply edit the entry.
> Best,
> --Ion