Dividends with Ex Dividend dates in 2018 that don't pay until 2019
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Dividends with Ex Dividend dates in 2018 that don't pay until 2019 We Own SDPR and ETF which had an EX dividend date on 12-24-18, but did not pay until 01-31-19. The dividend is listed on the Consolidated 1099 from our Broker TD Ameritrade. Bivio will not accept my adding a new dividend during the tax checking program using the transaction date of 1-31-19 and inserting the ex-dividend date. How can I make BIVIO fix this to match our 1099??? Sheryl Story I found this in old mail archives >>This has probably already been asked, but I was unable to find anything when I searched. Anyway, I just received a revised 1099 and it includes divs for our SPY and DIA ETFs that were paid in Jan 05. These transactions do show a record date in Dec 04 but were put into our club accounting software with the Jan 05 paid date and the tax printer software does not recognize than as 2004 transactions (now the revised 1099 Div amount does not match the 1065 return). What's up? I'm sure we are not the only club having this situation. Do we change the paid date for these transactions in the club accounting software to show a paid date of 12/31/05? We have already sent our 1065 return to the IRS. Do we need to submit an amended return (the revised amont is small ~$30, even smaller when distributed to the club members)? Yes, many ETFs pay dividends in January which are taxable in the preceding year. Your club also fell into the common trap of rushing to file its taxes. Here's what you have to do. Enter the SPY and DIA dividends on 12/30/04 and deposit the funds into your suspense account. When you receive the cash in January, enter a cash transfer from suspense to broker. Rerun your DOE and tax return. You WILL have file an amended return and all of your partners who have already filed their personal returns will have to file amended returns as well. The IRS is stepping up efforts to match K-1 amounts with the revised 2004 K-1. As a general rule, clubs should not file their returns before mid-February, (early March is even better). Too often, brokers issue revised tax documents in February. Ira Smilovitz We Own SDPR and ETF which had an EX dividend date on Norma: THANK YOU. I know your email dates back to 2005, but it makes sense to me as a way to fix the tax return in BIVIO to match the 1099. It doesn't make sense to me to pay taxes in a year that the money has not been paid, but hey - this is the government we are dealing with. My only concern is that it is from 2005 addressing the same issue you had then with SPY and DIA dividends and the response from IRA SMILOVITZ - "Here's what you have to do. Enter the SPY and DIA dividends on 12/30/04 and deposit the funds into your suspense account. When you receive the cash in January, enter a cash transfer from suspense to broker." We already have the cash and it has been transferred to the broker....so I am just going to edit the entry in BIVIO to indicate TRANSACTION DATE AS 12/30/18" IRA - or anyone else please let me know if this is the way to fix this for sure !!!! Wow! Who would have thought a 15 year old post of mine would still be relevant. Yes, this the best way to handle this. Ira Smilovitz Norma: THANK YOU. I know your email dates back to 2005, Thanks IRA !!!! Everytime I capitalize your name I think of another investment vehicle..... :) I just did this two days ago because TDAmeritrade showed the entry as 12/31/2018.... easy solution. Thanks IRA !!!! Everytime I capitalize your name I think of Rich Williams |
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