Dreaded Tax Time Question

Johnny on

Please help relieve the knots in my stomach! We started
with bivio the beginning of '08. We have 11 members now.
One joined this past summer. I have another member who
wants out and that will probably happen in January.

I have not done a good job of keeping up with the notices
from bivio about allocating what our deposits to Scottrade
are for. I am working on updating those now. When I am
caught up, how do I prepare the K-1s for my members?

Thanks for your help.

Johnny

iras1 on

The folks at bivio will release the tax module sometime in January after the IRS issues the final version of the tax forms. At that time, you can answer the various interview questions and generate your club's tax return. However, you should wait until after you receive all of your 1099s (probably early February) before finalizing your tax return and issuing K-1s to your members.

Ira Smilovitz

In a message dated 12/26/08 16:47:41 Eastern Standard Time, duncanjohnny@bivio.com writes:

Please help relieve the knots in my stomach! We started
with bivio the beginning of '08. We have 11 members now.
One joined this past summer. I have another member who
wants out and that will probably happen in January.

I have not done a good job of keeping up with the notices
from bivio about allocating what our deposits to Scottrade
are for. I am working on updating those now. When I am
caught up, how do I prepare the K-1s for my members?

Etana Finkler on

Ira,
1. Has bivio released the tax module?
2. what do you mean, "receive ALL your 1099s?
We have received 1 1099 from our 1 brokerage TDAmeritrade.
Should we receive any other 1099s?

thanks, Etana
Stockettes

iras1 wrote:
> The folks at bivio will release the tax module sometime in January after the IRS issues the final version of the tax forms. At that time, you can answer the various interview questions and generate your club's tax return. However, you should wait until after you receive all of your 1099s (probably early February) before finalizing your tax return and issuing K-1s to your members.

Lynn Ostrem on

Hi Etana,

bivio will announce when the tax module is ready. I usually miss it! <G> I just check the Tax page.

1099s come from the broker, the bank, individual companies if you have DRIPs or Directs, etc. We balance to the penny each month, but I still wait for all the 1099s. Reporting a difference number to the IRS than what those companies report is akin to waiving a big fat red flag in front of a bull.

Lynn

On Sat, Jan 31, 2009 at 12:37 PM, Etana Finkler <etana_finkler@bivio.com> wrote:

Ira,
1. Has bivio released the tax module?
2. what do you mean, "receive ALL your 1099s?
We have received 1 1099 from our 1 brokerage TDAmeritrade.
Should we receive any other 1099s?

thanks, Etana
Stockettes

iras1 wrote:
> The folks at bivio will release the tax module sometime in January after the IRS issues the final version of the tax forms. At that time, you can answer the various interview questions and generate your club's tax return. However, you should wait until after you receive all of your 1099s (probably early February) before finalizing your tax return and issuing K-1s to your members.

--
Lynn Ostrem, Minneapolis
garbagecop@gmail.com
Join me at InvestEd 2009
August 7-9, Salt Lake City, UT
www.investor-education2009.org

iras1 on

In a message dated 01/31/09 13:37:58 Eastern Standard Time, etana_finkler@bivio.com writes:

Ira,
1. Has bivio released the tax module?

I don't think so, but I haven't checked recently. If you try to access the tax tab, either you'll get the 2008 interview or you won't.

2. what do you mean, "receive ALL your 1099s?
We have received 1 1099 from our 1 brokerage TDAmeritrade.
Should we receive any other 1099s?

If your club has multiple brokerage accounts, or a bank account, or some direct share purchase plans, you will receive separate 1099s from each one.

Ira Smilovitz

thanks, Etana
Stockettes

iras1 wrote:
> The folks at bivio will release the tax module sometime in January after the IRS issues the final version of the tax forms. At that time, you can answer the various interview questions and generate your club's tax return. However, you should wait until after you receive all of your 1099s (probably early February) before finalizing your tax return and issuing K-1s to your members.

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