club_cafe: Broker Money Market Income

iras1 on

It's up to the money market, not the recipient, to determine whether what they pay is interest or dividend. Go with what they report.

Ira Smilovitz

In a message dated 02/16/08 8:25:06 A.M. Eastern Standard Time, danr33@aol.com writes:

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.

=

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

Mail