club_cafe: 1099 shows hidden income/charge

Rip West on

Hi,

Just to be sure that I understand, I am assuming that this 'fee' did not appear on your December statement, but does appear on your January statement. Is that right. If so, I would enter the amount as a deductible expense as of 12/31/09.

Is it possible to de-compile the aggregate amount back to the months in which it was "earned" and charged?

No, and for an amount less that a dollar, it would hardly be worthwhile. Just enter it as of 12/31/09.

If you have any other questions, comments, or suggestions, please
reply to this message.

Thank you for using bivio,
Rip West
bivio Inc.

James Selkirk on

Rip,

The fee does not show up on any of the monthly statements.
It only shows up on the form 1099. My understanding (which
could be wrong) is that they are saying that fees were
incurred and deducted (from dividends?) all through the
year. They only reported the net, after deducting this,
previously. The 1099 implies that these were earnings that
are reportable and taxable, but were deducted as fees which
may be claimed as investment expenses.

Does anyone else use First Clearing with the money market
sweep?

Jim

Rip West wrote:
> Hi,
>  
> Just to be sure that I understand, I am assuming that this 'fee' did not
> appear on your December statement, but does appear on your January statement. Is
> that right. If so, I would enter the amount as a deductible expense as of
> 12/31/09.
>  
> <<
> Is it possible to de-compile the aggregate amount back to the months in
> which it was "earned" and charged?
> >>
>  
> No, and for an amount less that a dollar, it would hardly be worthwhile.
> Just enter it as of 12/31/09.
>  
> If you have any other questions, comments, or suggestions, please
> reply
> to this message.
>  
> Thank you for using bivio,
> Rip West
> bivio Inc.
>
>  

Rip West on

Jim,

I suspect that you should do as you did last year and just ignore it, but let's make sure. What does your 1099 show for interest/dividends from your broker account? That is just the income from your cash on hand with your broker. And how much is the fee?

Rip West
Saint Paul, MN

----- Original Message -----

From: James Selkirk

To: club_cafe@bivio.com

Sent: Monday, February 01, 2010 6:42 PM

Subject: club_cafe: re:1099 shows hidden income/charge

Rip,

The fee does not show up on any of the monthly statements.
It only shows up on the form 1099. My understanding (which
could be wrong) is that they are saying that fees were
incurred and deducted (from dividends?) all through the
year. They only reported the net, after deducting this,
previously. The 1099 implies that these were earnings that
are reportable and taxable, but were deducted as fees which
may be claimed as investment expenses.

Does anyone else use First Clearing with the money market
sweep?

Jim

Rip West wrote:
> Hi,
>  
> Just to be sure that I understand, I am assuming that this 'fee' did not
> appear on your December statement, but does appear on your January statement. Is
> that right. If so, I would enter the amount as a deductible expense as of
> 12/31/09.
>  
> <<
> Is it possible to de-compile the aggregate amount back to the months in
> which it was "earned" and charged?
> >>
>  
> No, and for an amount less that a dollar, it would hardly be worthwhile.
> Just enter it as of 12/31/09.
>  
> If you have any other questions, comments, or suggestions, please
> reply
> to this message.
>  
> Thank you for using bivio,
> Rip West
> bivio Inc.
>
>  

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