club_cafe: Money Market Service Fees
HelpRegister |
club_cafe: Money Market Service Fees In a message dated 2/7/2004 2:22:10 PM Eastern Standard Time, sdenman@bivio.com writes:
Our broker (Wachovia) has shown on the year end statement an additional Money Market Dividend. The explanation is "an administrative service fee is charged on balances in the money market funds available for cash sweeps and is deducted automatically deducted from monthly income in the form of a reduction in devidends. Howerver the IRS has determined that the gross devidend payable is the reportable amount, regardless of a fee being deducted for the overnight sweep option. These fees are added back in on the year end summary as a seperate line item." Absolutely.
Ira Smilovitz |
|