Turns out it's not very complicated, and I've written it up for our Treasurer to follow, including specific examples from our 1099 and Bivio.
For the ETF's with foreign taxes, foreign tax and qualified dividend are entered as provided on 1099. Ordinary in Bivio is calculated as 1099-ordinary - qualified.
For ETF's with 199A, 199A and Qualified are entered as listed on the 1099, and ordinary is entered as 1099-ordinary - qualified - 199a.
It took me 40 minutes to correct for 7 ETF's that each had 4 dividends in the year.
On 02/27/2021 8:29 PM firstname.lastname@example.org via bivio.com <email@example.com> wrote:
Continuation of my previous post on etf reporting:
This is why clubs should not invest in ETF's or mutual funds. Unless you understand tax preparation, you will not understand how to make adjustments, and Bivio's program has limitations on what it can do.
Sent from my LG V20, an AT&T 4G LTE smartphone
------ Original message------
Date: Sat, Feb 27, 2021 11:27 AM
Subject:[club_cafe] 1099 dividend reporting
Our club invests in ETF's only. Our 1099 shows Total ordinary dividends, qualified dividends, 199A dividends, and foreign tax paid. Accountsync shows the total dividend received so I have to edit to separate out the various amounts. When entering the values, should Total in Bivio equal Total Ordinary Dividends?
Vanguard Tot Stk Mkt Idx Viper (VTI) has 69.29 reported 6/30 and 1099 has 1a 69.29, 1b 66.53, and box 5 as 2.76. 1b & 5 total to 69.29
Vanguard Small-Cap Growth ETF - DNQ (VBK) has 19.33 reported 6/30 and 1099 has 1a 19.33, 1b 13.04, and box 5 as 6.16. 1b & 5 do not total to 19.33
Vanguard FTSE All World Ex US ETF (VEU) has 93.65 reported on 6/25 and 1099 has 1a 102.29, 1b 75.46, and foreign tax paid as 8.63.
I know we've done this before but I can't find our old instructions.