"Qualified Dividend" Entry Remains "Dividend"
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"Qualified Dividend" Entry Remains "Dividend" We owned 5 shares of Hugoton Royalty Trust (spinoff from XTO on 5-19-2006) long enough for two 87 cent dividends on 6/14 and 7/17. Our brokerage 1099 shows the amounts as part of a qualified dividend amount. Each time I try to enter the amounts under "Qualified Dividends" in BIVIO, the result remains just "Dividend". Right now our BIVIO generated Schedule K does not match the 1099 amounts for Qualified Dividends because of this. What am I doing wrong? TIA --JB John,
I think your broker is wrong, and your data is wrong as
entered in the accounting program. I haven't seen the figures for 2006, but in
prior years, none of the distributions from Hugoton were dividends, let alone
qualified. They represent royalty payments and should not be entered as
dividends. There are many other problems with these distributions for investment
clubs, including how to enter the depletion.
Rip West Saint Paul, MN Rip West wrote: > John, > > I think your broker is wrong, and your data is wrong as > entered in the accounting program.... > Thank you, Rip. I agree with your assessment that our brokerage firm is wrong in their their treatment of this entry. Although I have placed an inquiry to them about this issue, they have not yet responded. Since the amount is small, we may just have to finalize our K-1s "as is" and file with the IRS what BIVIO currently generates. --JB |
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