While getting our club IRS forms in order I noticed a
difference between the bivio-generated Schedule K and the
1099 report from our broker (Scottrade).  I would appreciate
any suggestions from those who use bivio for their club
accounting as to how I should resolve this.

Schedule K (bivio), Line 6a (ordinary dividends) $266.62

Dividends and Distributions 1099-Div (Scottrade) $247.76

The difference between the above two amounts of $18.66 is
reported by Scottrade under Miscellaneous Income 1099-Misc
as "other income" from Pengrowth Energy Trust (PGH).

When I entered the $18.66 from PGH, I entered it as a
dividend.  When checking back now using bivio's "edit"
function, I did not see any option to enter it as "other
income."

Any suggestions as to what I should do to make the 1099
values agree with the bivio-generated IRS forms?

Good luck. My advice...sell it IMMEDIATELY. Scottrade should NOT have reported this income on 1099-MISC. You need to get them to correct this. PGH will issue you a K-1 on or about March 1. You will then have to figure out how to get your PGH entries in bivio to match the types of income and deductions reported on the PGH K-1. Don't forget to look carefully at the Schedule B questions when you prepare your 1065 as you will have to answer them differently from the recommended answers. You have my sympathy. You are in for lots of headaches.

 

Ira Smilovitz