club_cafe: Broker Money Market Income

iras1 on

It's an ordinary dividend. If you post it as interest, your 1065 Schedule K entries on lines 5 and 6a will not match your 1099s and you will probably receive a letter from the IRS asking you to explain the difference.

As to what to do in bivio -- you don't have to do anything since AccountSync is picking it up correctly.

Ira Smilovitz

In a message dated 02/16/08 4:49:58 A.M. Eastern Standard Time, mmt6@bivio.com writes:

I am confused about how to post broker money market income.
The long standing habit of our treasurers was to consider
broker money market income as "interest." However, the
Bivio account-sync transaction from BuyandHold automatically
posts the transaction as "dividend." Should we leave the
account-sync as is? The money market does have a ticker:
ADLXX.

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Dan Richmond on

Accountsync picks up our money market income from Ameritrade as interest.

On Feb 16, 2008, at 8:09 AM, IraS1@aol.com wrote:

It's an ordinary dividend. If you post it as interest, your 1065 Schedule K entries on lines 5 and 6a will not match your 1099s and you will probably receive a letter from the IRS asking you to explain the difference.

As to what to do in bivio -- you don't have to do anything since AccountSync is picking it up correctly.

Ira Smilovitz

In a message dated 02/16/08 4:49:58 A.M. Eastern Standard Time, mmt6@bivio.com writes:

I am confused about how to post broker money market income.
The long standing habit of our treasurers was to consider
broker money market income as "interest." However, the
Bivio account-sync transaction from BuyandHold automatically
posts the transaction as "dividend." Should we leave the
account-sync as is? The money market does have a ticker:
ADLXX.

The year's hottest artists on the red carpet at the Grammy Awards. AOL Music takes you there.

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