TDA just issued a corrected 1099-DIV for Qualcomm dividends. The December 2017 dividend has been reclassified as a Qualifying Dividend (it was originally reported as a return of capital). For those who care, you can complain to your Congressional representatives as the reclassification is due to the changes imposed by the Tax Cut and Jobs Act enacted in December. See http://investor.qualcomm.com/taxtreatment.cfm for an explanation.
If your club owns/owned QCOM and received the December 2017 dividend, you will have to determine if the change is significant enough to file (an) amended return(s). Even if you decide not to amend your tax return(s), you should make the necessary changes to your bivio records because the reclassification will affect your tax basis in the QCOM shares and your capital gain/(loss) when you sell the shares.
Ira Smilovitz
see
Laurie Frederiksen on
Not only that. They indicate it could change again.
Laurie Frederiksen Invest with your friends! www.bivio.com
TDA just issued a corrected 1099-DIV for Qualcomm dividends. The December 2017 dividend has been reclassified as a Qualifying Dividend (it was originally reported as a return of capital). For those who care, you can complain to your Congressional representatives as the reclassification is due to the changes imposed by the Tax Cut and Jobs Act enacted in December. See http://investor.qualcomm. for an explanation.
If your club owns/owned QCOM and received the December 2017 dividend, you will have to determine if the change is significant enough to file (an) amended return(s). Even if you decide not to amend your tax return(s), you should make the necessary changes to your bivio records because the reclassification will affect your tax basis in the QCOM shares and your capital gain/(loss) when you sell the shares.
Ira Smilovitz
see
BETH GRIMES on
So does this mean that if we already generated the K-1s and sent in the 1065 and State return with Qualcomm dividends as non-qualified dividends, then we now get to file an amended return?
On March 12, 2018 at 6:23 AM Laurie Frederiksen <laurie@bivio.biz> wrote:
Not only that. They indicate it could change again.
Laurie Frederiksen Invest with your friends! www.bivio.com
TDA just issued a corrected 1099-DIV for Qualcomm dividends. The December 2017 dividend has been reclassified as a Qualifying Dividend (it was originally reported as a return of capital). For those who care, you can complain to your Congressional representatives as the reclassification is due to the changes imposed by the Tax Cut and Jobs Act enacted in December. See http://investor.qualcomm. for an explanation.
If your club owns/owned QCOM and received the December 2017 dividend, you will have to determine if the change is significant enough to file (an) amended return(s). Even if you decide not to amend your tax return(s), you should make the necessary changes to your bivio records because the reclassification will affect your tax basis in the QCOM shares and your capital gain/(loss) when you sell the shares.
Ira Smilovitz
see
ira smilovitz on
Yes, if you decide you have to. I would only prepare an amended return if one of the member's K-1s (line 6a/6b) changed by more than $10. Even with a $10 change in dividends, there is likely to be no impact on the personal return,
So does this mean that if we already generated the K-1s and sent in the 1065 and State return with Qualcomm dividends as non-qualified dividends, then we now get to file an amended return?
On March 12, 2018 at 6:23 AM Laurie Frederiksen <laurie@bivio.biz> wrote:
Not only that. They indicate it could change again.
Laurie Frederiksen Invest with your friends! www.bivio.com
TDA just issued a corrected 1099-DIV for Qualcomm dividends. The December 2017 dividend has been reclassified as a Qualifying Dividend (it was originally reported as a return of capital). For those who care, you can complain to your Congressional representatives as the reclassification is due to the changes imposed by the Tax Cut and Jobs Act enacted in December. See http://investor.qualcomm.com/taxtreatment.cfm for an explanation.
If your club owns/owned QCOM and received the December 2017 dividend, you will have to determine if the change is significant enough to file (an) amended return(s). Even if you decide not to amend your tax return(s), you should make the necessary changes to your bivio records because the reclassification will affect your tax basis in the QCOM shares and your capital gain/(loss) when you sell the shares.