Many thanks for your previous rapid response to my query
about how to handle Pengrowth “dividends” (see a 2-17-05
post titled “Scottrade 1099…”).

I contacted Scottrade and they said that Pengrowth might
reclassify that income in late March of this year. But, for
now it is classified as miscellaneous income.

Many members of our investment club do not want to wait
until late March to see if that income classification is
changed, i.e., they want to get the club IRS forms finalized
as soon as possible.

I can go into the bivio accounting and edit out the
Pengrowth “dividend” and reenter it as miscellaneous income
for the Scottrade account. However, then I don’t know how
to report the foreign tax that has been paid on that income
in the bivio accounting system.

Any suggestions would be welcomed.

Alan

<<
I can go into the bivio accounting and edit out the Pengrowth “dividend”
and reenter it as miscellaneous income for the Scottrade account.
However, then I don’t know how to report the foreign tax that has been
paid on that income in the bivio accounting system.
>>

Ira doesn't seem to agree, but I would enter the whole thing as
non-qualified dividends. That way, you can take the foreign tax credit,
your partners will be happy, and I can't believe even the IRS will be
unhappy.

Rip West
Saint Paul, MN