Just a heads up for those of you that use Folio Investing as a brokerage and also received a distribution from Cognizant (CTSH), in August.
This came through in the Folio AccountSync data feed as a Return of capital and was then entered by AccountSync as such. It has taken forever to work with Folio to get them to correct their error so it doesn't show up wrong on their 1099's.
You are, however, going to need to manually correct it in bivio. Just edit the dividend entry in August and change it from a Return of capital to a Qualified dividend.
This fix is very important as Return of capital entries adjust cost basis while qualified dividends do not.
You should also check that Folio has "undone" the adjustment they made to the cost basis of your CTSH shares. I just checked for my club and it is still showing wrong on their system.
If you don't use Folio Investing as your brokerage you don't have anything to change. Other brokers reported it right.
Laurie Frederiksen Invest with your friends! www.bivio.com
From: Laurie Frederiksen <laurie@bivio.biz> To: The Club Cafe <club_cafe@bivio.com> Sent: Thursday, February 8, 2018 8:49 AM Subject: [club_cafe] CTSH and Folio Investing
Just a heads up for those of you that use Folio Investing as a brokerage and also received a distribution from Cognizant (CTSH), in August.
This came through in the Folio AccountSync data feed as a Return of capital and was then entered by AccountSync as such. It has taken forever to work with Folio to get them to correct their error so it doesn't show up wrong on their 1099's.
You are, however, going to need to manually correct it in bivio. Just edit the dividend entry in August and change it from a Return of capital to a Qualified dividend.
This fix is very important as Return of capital entries adjust cost basis while qualified dividends do not.
You should also check that Folio has "undone" the adjustment they made to the cost basis of your CTSH shares. I just checked for my club and it is still showing wrong on their system.
If you don't use Folio Investing as your brokerage you don't have anything to change. Other brokers reported it right.
Laurie Frederiksen Invest with your friends! www.bivio.com
Both of my Clubs has CTSH and Folio is showing both 31 Aug distribution as Return of Capital, Who/how do I contact Folio to get this corrected?
Ye ole bud,....Larry
Larry Reno
-----Original Message-----
From: Laurie Frederiksen <laurie@bivio.biz>
To: The Club Cafe <club_cafe@bivio.com>
Sent: Thu, Feb 8, 2018 9:49 am
Subject: [club_cafe] CTSH and Folio Investing
Just a heads up for those of you that use Folio Investing as a brokerage and also received a distribution from Cognizant (CTSH), in August.
This came through in the Folio AccountSync data feed as a Return of capital and was then entered by AccountSync as such. It has taken forever to work with Folio to get them to correct their error so it doesn't show up wrong on their 1099's.
You are, however, going to need to manually correct it in bivio. Just edit the dividend entry in August and change it from a Return of capital to a Qualified dividend.
This fix is very important as Return of capital entries adjust cost basis while qualified dividends do not.
You should also check that Folio has "undone" the adjustment they made to the cost basis of your CTSH shares. I just checked for my club and it is still showing wrong on their system.
If you don't use Folio Investing as your brokerage you don't have anything to change. Other brokers reported it right.
Laurie Frederiksen
Invest with your friends! www.bivio.com
Supposedly it will be corrected on the 1099's. But you need to also make sure they undo the cost basis changes they made and that you correct the entry in bivio.
Laurie Frederiksen Invest with your friends! www.bivio.com
Both of my Clubs has CTSH and Folio is showing both 31 Aug distribution as Return of Capital, Who/how do I contact Folio to get this corrected?
Ye ole bud,....Larry
Larry Reno
-----Original Message-----
From: Laurie Frederiksen <laurie@bivio.biz>
To: The Club Cafe <club_cafe@bivio.com>
Sent: Thu, Feb 8, 2018 9:49 am
Subject: [club_cafe] CTSH and Folio Investing
Just a heads up for those of you that use Folio Investing as a brokerage and also received a distribution from Cognizant (CTSH), in August.
This came through in the Folio AccountSync data feed as a Return of capital and was then entered by AccountSync as such. It has taken forever to work with Folio to get them to correct their error so it doesn't show up wrong on their 1099's.
You are, however, going to need to manually correct it in bivio. Just edit the dividend entry in August and change it from a Return of capital to a Qualified dividend.
This fix is very important as Return of capital entries adjust cost basis while qualified dividends do not.
You should also check that Folio has "undone" the adjustment they made to the cost basis of your CTSH shares. I just checked for my club and it is still showing wrong on their system.
If you don't use Folio Investing as your brokerage you don't have anything to change. Other brokers reported it right.
Laurie Frederiksen
Invest with your friends! www.bivio.com