K-1 income: ordinary vs Qualified dividends

Etana Finkler on

For all of this, we're talking about a small club of 8
members with total assets of about $12,000, so the numbers
are small.

For MD 510, we need to list Distributive or Pro Rata share
of Income. Last year we added the ordinary dividends plus
Qualified dividends (also the interest income, net short
term cap gain, and net long term cap gain).

1. ordinary dividends plus Qualified dividends:
I now notice that these numbers are identical. Should they
be added only once into the pro rata income? (Last year they
were pennies off, but we didn't notice, so we added them
together).

2. This year 1065 K-1 shows no number in the Net short term
cap gain (loss) nor Net long term cap gain (loss). Is there
nothing listed because there is a loss, and so they don't
list the loss? None of the club members have any number in
this field in the K-1, and I need to know for the 510
Maryland.

thanks, Carol Solomon and Etana Finkler
Stockettes

iras1 on

In a message dated 03/01/09 19:11:24 Eastern Standard Time, etana_finkler@bivio.com writes:

For all of this, we're talking about a small club of 8
members with total assets of about $12,000, so the numbers
are small.

For MD 510, we need to list Distributive or Pro Rata share
of Income. Last year we added the ordinary dividends plus
Qualified dividends (also the interest income, net short
term cap gain, and net long term cap gain).

You should not have included the qualified dividends. Qualified dividends are a subset of ordinary dividends.

1. ordinary dividends plus Qualified dividends:
I now notice that these numbers are identical. Should they
be added only once into the pro rata income? (Last year they
were pennies off, but we didn't notice, so we added them
together).

See above.

2. This year 1065 K-1 shows no number in the Net short term
cap gain (loss) nor Net long term cap gain (loss). Is there
nothing listed because there is a loss, and so they don't
list the loss? None of the club members have any number in
this field in the K-1, and I need to know for the 510
Maryland.

There's nothing there because the club must not have sold any stock in 2008.

Ira Smilovitz

thanks, Carol Solomon and Etana Finkler
Stockettes

Etana Finkler on

Thank you, very clear.
Etana

iras1 wrote:
> You should not have included the qualified dividends. Qualified dividends are a subset of ordinary dividends.
> There's nothing there because the club must not have sold any stock in 2008.

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