We are a relatively new investment club and have just
been informed that TDAmeritrade does not intend to issue
a 1099 because we've had no securities activity in 2019.
Please advise
SB on
When you say 'relatively new' do you mean that your partnership was formed in 2019?
We are a relatively new investment club and have just
been informed that TDAmeritrade does not intend to issue
a 1099 because we've had no securities activity in 2019.
Please advise
Laurie Frederiksen on
That is not a problem. Just because you don't have a 1099 form doesn't mean you shouldn't file club taxes. You have an EIN number and the IRS will expect to get a return from you.
If you don't file it, you'll end up getting scary notes and penalty assessments from the IRS that you'll have to deal with.
Easier to just file and avoid those. You should still audit your books to make sure your accounting is correct.
Laurie Frederiksen Invest with your friends! www.bivio.com
We are a relatively new investment club and have just
been informed that TDAmeritrade does not intend to issue
a 1099 because we've had no securities activity in 2019.
Please advise
We are a relatively new investment club and have just
been informed that TDAmeritrade does not intend to issue
a 1099 because we've had no securities activity in 2019.
Please advise
V Johnson on
ok, so just use our Club records and the TD statements as long as they match?
On Mon, Jan 20, 2020 at 2:56 PM Laurie Frederiksen <laurie@bivio.biz> wrote:
That is not a problem. Just because you don't have a 1099 form doesn't mean you shouldn't file club taxes. You have an EIN number and the IRS will expect to get a return from you.
If you don't file it, you'll end up getting scary notes and penalty assessments from the IRS that you'll have to deal with.
Easier to just file and avoid those. You should still audit your books to make sure your accounting is correct.
Laurie Frederiksen Invest with your friends! www.bivio.com
We are a relatively new investment club and have just
been informed that TDAmeritrade does not intend to issue
a 1099 because we've had no securities activity in 2019.
Please advise
Laurie Frederiksen on
Yes. As long as you do this audit and everything checks out, you should be good to go if you won't get a 1099 form.
ok, so just use our Club records and the TD statements as long as they match?
On Mon, Jan 20, 2020 at 2:56 PM Laurie Frederiksen <laurie@bivio.biz> wrote:
That is not a problem. Just because you don't have a 1099 form doesn't mean you shouldn't file club taxes. You have an EIN number and the IRS will expect to get a return from you.
If you don't file it, you'll end up getting scary notes and penalty assessments from the IRS that you'll have to deal with.
Easier to just file and avoid those. You should still audit your books to make sure your accounting is correct.
Laurie Frederiksen Invest with your friends! www.bivio.com
We are a relatively new investment club and have just
been informed that TDAmeritrade does not intend to issue
a 1099 because we've had no securities activity in 2019.
Please advise
V Johnson on
Thanks Laurie. I have another question related to the Audit. We are planning to have each member confirm their payments ("Investments') as reported on the Member Performance Report. However, this report also shows "Returns". Please let me know how "Returns" are calculated as I suspect we'll get a lot of questions about that.
Thanks,
Val
On Mon, Jan 20, 2020 at 6:21 PM Laurie Frederiksen <laurie@bivio.biz> wrote:
Yes. As long as you do this audit and everything checks out, you should be good to go if you won't get a 1099 form.
ok, so just use our Club records and the TD statements as long as they match?
On Mon, Jan 20, 2020 at 2:56 PM Laurie Frederiksen <laurie@bivio.biz> wrote:
That is not a problem. Just because you don't have a 1099 form doesn't mean you shouldn't file club taxes. You have an EIN number and the IRS will expect to get a return from you.
If you don't file it, you'll end up getting scary notes and penalty assessments from the IRS that you'll have to deal with.
Easier to just file and avoid those. You should still audit your books to make sure your accounting is correct.
Laurie Frederiksen Invest with your friends! www.bivio.com
We are a relatively new investment club and have just
been informed that TDAmeritrade does not intend to issue
a 1099 because we've had no securities activity in 2019.
Please advise
John Rice on
Since you didn't sell any stocks then print up a transaction list of your interest and dividends, total them and report them.
The Bivio cash account differs from Ameritrade on the October statement by $100.00. Ameritrade shows $2,184.39 and Bivio shows $2,284.39. Please advise. Thank you
Ginny
Rosehill Traders
-----Original Message-----
From: Laurie Frederiksen <laurie@bivio.biz>
To: The Club Cafe <club_cafe@bivio.com>
Sent: Mon, Jan 20, 2020 1:56 pm
Subject: Re: [club_cafe] TDA won't issue 1099
That is not a problem. Just because you don't have a 1099 form doesn't mean you shouldn't file club taxes. You have an EIN number and the IRS will expect to get a return from you.
If you don't file it, you'll end up getting scary notes and penalty assessments from The IRS that you'll have to deal with.
Easier to just file and avoid those. You should still audit your books to make sure your accounting is correct.
Laurie Frederiksen Invest with your friends! www.bivio.com
We are a relatively new investment club and have just
been informed that TDAmeritrade does not intend to issue
a 1099 because we've had no securities activity in 2019.
Please advise
If you are responding to a specific question in a thread, it is fine to just use "reply" in your email program to answer it.
If you are asking a new question, members of the list will appreciate it if you can send a new question rather than adding it as a reply to an old one. To send a new question to the list, just address it to club_cafe@bivio.com I will answer they question on auditing member information by doing this.
If you have questions which are specific to your club such as your particular cash balance problem, those should be sent to support. Just address those emails to support@bivio.com. We are not going to get into specific details about your specific club accounting on a public email list that goes to hundreds of people.
Laurie Frederiksen Invest with your friends! www.bivio.com
The Bivio cash account differs from Ameritrade on the October statement by $100.00. Ameritrade shows $2,184.39 and Bivio shows $2,284.39. Please advise. Thank you
Ginny
Rosehill Traders
-----Original Message-----
From: Laurie Frederiksen <laurie@bivio.biz>
To: The Club Cafe <club_cafe@bivio.com>
Sent: Mon, Jan 20, 2020 1:56 pm
Subject: Re: [club_cafe] TDA won't issue 1099
That is not a problem. Just because you don't have a 1099 form doesn't mean you shouldn't file club taxes. You have an EIN number and the IRS will expect to get a return from you.
If you don't file it, you'll end up getting scary notes and penalty assessments from The IRS that you'll have to deal with.
Easier to just file and avoid those. You should still audit your books to make sure your accounting is correct.
Laurie Frederiksen Invest with your friends! www.bivio.com
We are a relatively new investment club and have just
been informed that TDAmeritrade does not intend to issue
a 1099 because we've had no securities activity in 2019.
Please advise