To add to Paul Moeller's response below, you can expect to receive a second round of 1099-DIVs in March to allocate qualifying and nonqualifying dividends for those situations that may not be determinable as of 12/31/03 (such as late December dividends on stocks purchased in November or early December, mutual fund distributions, etc.). That's the advance guidance that I've received from several brokerages.
Ira Smilovitz
In a message dated 11/19/03 3:22:52 PM Eastern Standard Time, moeller@bivio.com writes:
Diana Crouch wrote:
> We are just finishing up our first year as a partnership and
> I'd like to know if there is anything that I can do as the
> Financial Partner to prepare for our 2003 taxes.
Below are a few steps to verify that the club is ready to prepare the
tax forms.
Required information
* Bank and brokerage statements, Jan - Dec
* Bank, brokerage and DRP 1099 forms, usually available in late January
Tax Verification
* Accounts balance on 12/31
* No unassigned debit/credits
* No "unknown" income/expense (non-deductible expenses OK)
* Income and expense entries have adequate description in the remark
* Make sure the bivio subscription is expensed
* 1099 dividend & interest totals match Income Statement
* 1099-B sales amounts match Capital Gains & Losses
* Take bivio partnership interview, note any missing addresses/tax IDs
https://www.bivio.com/my-club-site/accounting/reports/income-and-expense
Each member will receive a K-1 which documents their portion of the
club's taxable items. The members should use their K-1 when preparing
their personal taxes.
Paul Moeller
bivio, Inc.