Nondividend Distributions 1099 Dividends & Distributions box 3
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Nondividend Distributions 1099 Dividends & Distributions box 3 I received a corrected 1099 with 46.74 less on Total Ordinary Dividends box 1a and Qualified Dividends box 1b and moved (added) to line 3 Nondividend Distributions. There is no other identifying information on the 1099. I read the IRS Pub 550 pg 21 but it didn't help. The directions on the 1099 say that this reduces our cost basis but on what? We sold several stocks last year. My 1065 and K-1's have already gone out. Is it worth filing amended reports? How do I account for this in Bivio? Anyone have any suggestions? Thanks loads, Cherilyn Peay NM Model Club Cherilyn, it sounds like you are getting an adjustment on the category of income paid by an irregular investment of some kind. Do you or did you have any REIT's, Partnerships, Royalty Trusts, or some other investment that was not an ordinary stock? Your broker will surely know which company is involved in this late adjustment. When you know that, you can edit that transaction and choose the appropriate distribution category on the screen. And I would say yes, you probably do need to file an amended 1065 and replace your member K-1's. If you are lucky, most will not have yet filed their own returns. The next thing I would do would be to sell that holding, if you haven't already done so. It isn't worth the headaches as a club investment, even if great for your personal portfolio. Gene Rooks, SWIM, Orlando At 04:27 PM 2/24/2008, you wrote: Cherilyn, it sounds like you are getting an adjustment on the category of income paid by an irregular investment of some kind. Do you or did you have any REIT's, Partnerships, Royalty Trusts, or some other investment that was not an ordinary stock? No. That's what's so weird about this. Your broker will surely know which company is involved in this late adjustment. When you know that, you can edit that transaction and choose the appropriate distribution category on the screen. I'm planning to call the broker tomorrow and try to get some answers. And I would say yes, you probably do need to file an amended 1065 and replace your member K-1's. If you are lucky, most will not have yet filed their own returns. Thanks Gene my personal address is cpeay at comcast.net Cherilyn Peay, NM Chapter Gene Rooks, SWIM, Orlando I also received a corrected 1099 whereby our ordinary dividends were reduced by 11.38 from our REIT which were classified as nondividends. How is this recorded in the tax program? Audrey Harding Cherilyn J. Peay wrote: > I received a corrected 1099 with 46.74 less on Total > Ordinary Dividends box 1a and Qualified Dividends box 1b and > moved (added) to line 3 Nondividend Distributions. > > There is no other identifying information on the 1099. I > read the IRS Pub 550 pg 21 but it didn't help. > The directions on the 1099 say that this reduces our cost > basis but on what? We sold several stocks last year. > > My 1065 and K-1's have already gone out. Is it worth filing > amended reports? How do I account for this in Bivio? > > Anyone have any suggestions? > Thanks loads, > Cherilyn Peay > NM Model Club The 11.38 was probably a distribution from the REIT, and
should be classified as return of capital. However, the k-1 from the REIT should
have other items of income that probably should be picked up.
Rip West Saint Paul, MN ----- Original Message ----- From: AUDREY HARDING To: club_cafe@bivio.com Sent: Tuesday, March 04, 2008 9:41 PM Subject: club_cafe: Re: Nondividend Distributions 1099 Dividends & Distributions box 3 I also received a corrected 1099 whereby our ordinary dividends were reduced by 11.38 from our REIT which were classified as nondividends. How is this recorded in the tax program? Audrey Harding Cherilyn J. Peay wrote: > I received a corrected 1099 with 46.74 less on Total > Ordinary Dividends box 1a and Qualified Dividends box 1b and > moved (added) to line 3 Nondividend Distributions. > > There is no other identifying information on the 1099. I > read the IRS Pub 550 pg 21 but it didn't help. > The directions on the 1099 say that this reduces our cost > basis but on what? We sold several stocks last year. > > My 1065 and K-1's have already gone out. Is it worth filing > amended reports? How do I account for this in Bivio? > > Anyone have any suggestions? > Thanks loads, > Cherilyn Peay > NM Model Club |
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