There is still an open question. My club has 2 qualified dividends from 2016 and 1 from 2017 that were reclassified to "return of capital". The TDA 1099 that we got included only the 2017 reclassifications, which I can match in bivio with your recommended adjustments--- but only for 2017. If I include 2016 adjustments in bivio, it will not match TDA for Cost Basis. TDA tells me there is one more wave of 1099's coming out by 2014 which may include an adjustment but their rep wasn't sure. They claim to have on "tax dept" to talk to. I'm trying to guard against submitting the Club and member tax forms for 2017 and then having to resubmit later. And I'm still not sure what has to be done for 2016--- that 1099 from TDA has not changed. Any recommendations?
On February 12, 2018 at 8:44 AM Laurie Frederiksen <email@example.com> wrote:
Those of you who owned QCOM during 2016 and 2017 have some extra work to do to adjust their dividends before you prepare taxes.
A portion of the Qualcomm (QCOM) dividends from both 2016 and 2017 has been reclassified as a "non-dividend" distribution. This means that a portion needs to be reclassified in bivio as a "Return of capital". This is not done automatically for you as the reclassification information is not available at the time you receive the dividend.
You can find the amount of the reclassifications in several places:
1. Your 2017 1099 form
2. Your 2016 1099 form (Or a corrected form)
3. On the QCOM website here: http://investor.qualcomm.com/taxtreatment.cfm
It is very important to make these adjustments as they affect the cost basis of your shares. If you don't make them, you will overpay on your taxes this year and underpay when you sell the shares. (And no, the IRS doesn't agree that 2 wrongs will make a right).
This is how you reclassify dividends in bivio:
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