Scottrade
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Scottrade I would like to know if any of you who are using Scottrade have had any problems with your taxes. I noticed, when I downloaded the 1099 from Scottrade that it didn't jibe with Bivio as far as dividends were concerned. It turns out that Scottrade often records dividends on the "declare" date rather than the "pay" date. In situations when a dividend is "declared" at the end of the year and "paid" at the beginning of the next, Scottrade is reporting these dividends in one year and Bivio is reporting them in the next. I also noted that Bivio does not record foreign tax paid. I would love to have other clubs double check your figures and let me know if this is happening to you and how you are dealing with it. Thanks, Karen Eversden, treasurer Classic Investing Certain dividends paid in January are taxable in December. You need to specify the source of the dividend to know for sure. Dividends from REITs, mutual funds, and perhaps some ETFs (I don't know for sure about ETFs, but I'm seeing a lot of strange tax reporting related to them) are most likely to fall into the "paid in January, reportable in December" category.
bivio picks up foreign tax fine from TDAmeritrade, so it may be something funky about the Scottrade data feed.
Ira Smilovitz
In a message dated 02/23/09 15:50:00 Eastern Standard Time, keversden@bivio.com writes:
Karen,
I can't answer your question about Scottrade and bivio, but it does point
out the oft-quoted observation that while account-sync may be a
wonderful thing, it does 'NOT' relieve the treasurer of checking out the bivio
journal against the broker statement.
Rip West Saint Paul, MN This has nothing to do with Scottrade but in the past, when we would sell stock and the sale was confirmed in the morning, TDAM would list an actual price. Bivio however would not honor that price and entered the transaction at the end of the day using closing numbers. While this usually is not an exorbitant amount (sometimes just a couple dollars) I asked Bivio why they thought they had the right to change a number given to us by the broker. They felt 'their way' was easier to establish and trace and it did not matter what TDAM did, they would continue to post value at the end of the day... Caused a lot of irritation on my part but in the end, I went with the flow... Easier than making a gazillion bookkeeping adjustments. Myrelle -----Original Message----- From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Karen Eversden Sent: Monday, February 23, 2009 1:50 PM To: club_cafe@bivio.com Subject: club_cafe: Scottrade I would like to know if any of you who are using Scottrade have had any problems with your taxes. I noticed, when I downloaded the 1099 from Scottrade that it didn't jibe with Bivio as far as dividends were concerned. It turns out that Scottrade often records dividends on the "declare" date rather than the "pay" date. In situations when a dividend is "declared" at the end of the year and "paid" at the beginning of the next, Scottrade is reporting these dividends in one year and Bivio is reporting them in the next. I also noted that Bivio does not record foreign tax paid. I would love to have other clubs double check your figures and let me know if this is happening to you and how you are dealing with it. Thanks, Karen Eversden, treasurer Classic Investing No virus found in this incoming message. Checked by AVG - www.avg.com Version: 8.0.237 / Virus Database: 270.11.3/1967 - Release Date: 02/23/09 07:17:00 Dear Myrelle, I'm not sure what problem you are referring to but if you'd like to email us at support@bivio.com I'd be glad to investigate further. I haven't seen what you are referring to. I just double checked two sales my own club had at TDAmeritrade in December. They were both entered by AccountSync in our bivio records and the sale price agrees exactly with what TD Ameritrade reported. Laurie Frederiksen bivio Support This has nothing to do with Scottrade but in the past, when we would > sell > stock and the sale was confirmed in the morning, TDAM would list an > actual > price. Bivio however would not honor that price and entered the > transaction at the end of the day using closing numbers. > > While this usually is not an exorbitant amount (sometimes just a couple > dollars) I asked Bivio why they thought they had the right to change a > number given to us by the broker. They felt 'their way' was easier to > establish and trace and it did not matter what TDAM did, they would > continue > to post value at the end of the day... > > Myrelle,
Wait a minute, here. Are you saying that you sold a security, and bivio did
not record the amount for which you sold it? How did you ever balance your cash
against the broker? This just doesn't seem as though it could be correct, but,
if it is, would someone from bivio please respond.
Rip West Saint Paul, MN We've been at TDAmeritrade for years and have never seen that behavior with AccountSync. Our bivio transactions always match to the penny what TDAmeritrade reports on its trade confirmations. Perhaps what was confusing you was that TDAmeritrade never seems to execute trades for even pennies/share, The per share prices are always out to four decimal places.
Ira Smilovitz
In a message dated 02/23/09 17:31:05 Eastern Standard Time, myrelle@npgcable.com writes:
I could see the rationale for even pennies/share etc., but this happened about a year and a half ago and somewhere I have the hard copies of their response to us and so we just went with what Bivio recorded, since they were the ones who would also be providing the tax reports. As I stated, it was not for a huge amount but I have always taken pride in being ‘penny-perfect’ and this one really caused me some restless nights. At that time, TDAM only listed XXX shares sold on a certain day and they merely subtracted the number of shares and that caused the value of the portfolio to only reflect what we had in shares. The actual dollar amount was not listed under ‘Transactions’ and for a couple months, we could NOT get the two to balance.
Things seems to be going better this year.
From:
club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of iras1
We've been at TDAmeritrade for years and have never seen that behavior with AccountSync. Our bivio transactions always match to the penny what TDAmeritrade reports on its trade confirmations. Perhaps what was confusing you was that TDAmeritrade never seems to execute trades for even pennies/share, The per share prices are always out to four decimal places.
Ira Smilovitz
In a message dated 02/23/09 17:31:05 Eastern Standard Time, myrelle@npgcable.com writes:
No virus found in this incoming message. |
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