Our club's 1099 does not match the detail provided in the
monthly statements.....specifically our iShare dividend
amounts are different from the statements, the foreign taxes
withheld was never disclosed and the qualified vs.
unqualified dividend amounts is a non supported number. How
can I get the detail for these dividends to enter into our
club income in order to generate a correct tax amount? If I
can't get this information I am at a loss as to what to do.

Prior to our club joining Bivio in Jan. 2005, an accountant
prepared our taxes. He provided the numbers for Schedules
L, M-1, M-2, and Item F on Form 1065 as well as Item N on
Schedule K-1. Is there a way I can generate these numbers
using the Bivio taxes? I do home so.


Thanks,
Christy

Christine D. Munro wrote:
> Our club's 1099 does not match the detail provided in the
> monthly statements.....specifically our iShare dividend
> amounts are different from the statements, the foreign taxes
> withheld was never disclosed and the qualified vs.
> unqualified dividend amounts is a non supported number.
 
If your brokerage did not report the foreign taxes which were withheld
from dividends on the statements, but did include the information on
the 1099, then record an income entry on 12/31/05 with an equal amount
in the dividend and foreign tax fields.
 
For example, if a club owned AUO (AU Optronics Corp) and the brokerage
statements shows $100 in dividends, but the 1099 shows $130 in
dividends and $30 in foreign taxes, then record a 12/31/05 entry for
$30 dividend and $30 foreign tax.
 
Unless the club owns a mutual fund or REIT, the dividends received
will most likely be qualified, depending on the holding period of the
security. Our software automatically determines the qualified status
when the club takes the Partnership Tax Interview.
 
> Prior to our club joining Bivio in Jan. 2005, an accountant
> prepared our taxes. He provided the numbers for Schedules
> L, M-1, M-2, and Item F on Form 1065 as well as Item N on
> Schedule K-1.
 
Our software does not complete the Schedules L, M-1, M-2 because they
are not required unless Schedule B5 is "Yes" (receipts over $250K,
total assets over $600K). If your club members are interested in their
2005 tax basis, they can view it on the Member Status report below:
 
https://www.bivio.com/my-club-site/accounting/reports/member-status?date=12/31/2005
 
Likewise, the balance sheet for 2005 is also available for all members
to view:
 
https://www.bivio.com/my-club-site/accounting/reports/balance-sheet?date=12/31/2005
 
Paul Moeller
bivio Inc.