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Tax Law (Questions About Taxes)/knowing qualified dividends without a 1099


QUESTION: If I have a fiscal year that ends too early to prepare my return from the 1099, and the monthly statements (UBS)show only total dividends,without showing which are qualified, what do I do? Is there a way of figuring out which dividends are qualified?

ANSWER: what is the fiscal year? an llc, s corp, c corp, partnership? Or are you one of the very very few rare individuals with a legal fiscal year (yes, it is possible).  

you report the income in the year of close. so, if you are a nov year end, you are still in 2013 year. not 2014.  

methinks i need more information about who or what entity is receiving the 1099?


---------- FOLLOW-UP ----------

QUESTION: Yes, I understand this is just your personal opinion.

It's an estate, with a fiscal year. The final year will end early, possibly too early for the extension I will apply for to take me till after 1099s come out. For instance, say the estate is closed in March.  July 15 would be the tax due-date, and the 5 month extension would give me till Dec to file. 1099s don't come out till Feb,the revised ones often not till March.

With any other brokerage than UBS, I'd just add up the qualified dividends & the others from the monthly statements to report & to do the calculations, then file corrected returns after the 1099s are generated.

But UBS doesn't report which dividends are qualified! I'd be reduced to guessing,based on the 1099s from the previous years, about what proportion might be qualified. Which would be a big pain, as well as likely more inaccurate.

I'm curious as to what accountants normally do in such a case. Is UBS the only brokerage that is so contemptuous of its clients, or do tax-preparers often encounter this situation with fiscal-year clients?

I have never faced this issue to be honest.

I actually have my accounts with ubs and I love my service.  I will ask my broker if he can get more detailed information.  Otherwise I would strongly suggesting just converting accounts to money markets for the next two or three months. Or switch investments to blue chip dividend paying companies with or without drips or a eft that is all qualified

That would take qualified dividends out of the equation

Good luck
happy new year

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