When I download my Fidelity investment transaction
and if a transaction is Short-term or Long-term capital
gain, it shows up only as a "Dividend" transaction.
In the Memo field, it does indicate short/long term,
so I manually edit these transactions.
Does this also occur with other companies?
Note that (if I remember correctly), when there is
a single transaction for the day, the transaction
action is correct. It only occurs when there are
multiple dividend types (Div, Short, Long) and a
single Buy transaction consolidating the multiple
dividends. Does this make sense?
Sorry but I can't really understand your question. Long and short gains
occur from sales of securities not from dividends. Mutual funds can
"distribute" gains and mark them long or short. So which are you asking
about, distributions or sales...or both?
When I get distributions from funds held at Fidelity they always are
identified as div only, short term gain or long term gain. Of course
with reinvested distributions it's a whole different transaction. Is
that what you're talking about in your third paragraph?
Sorry my explanation was confusing. Let me give an example of a recent
download. I had a download of Fidelity Freedom 2020, 4 transactions
for 5/9/2008 shown as:
#1 Action=Div, Memo="DIVIDEND RECEIVED", Dividend=$A
#2 Action=Div, Memo="SHORT-TERM CAP GAIN", Dividend=$B
#3 Action=Div, Memo="LONG-TERM CAP GAIN", Dividend=$C
#4 Action=Bought, "Memo="REINVESTMENT", Total cost=$(A+B+C)
What I have to do for #2 and #3 is edit the transaction and move
the $B/$C amount from the "Dividend" box to the "Short-term cap gain dist."
(or "Long Term") box.
I would prefer not have to do this because I have made mistakes
and I have to track it down at tax time. I was wondering if other
investment companies sent transactions the same way as Fidelity.
or if the transactions were sent the "correct" way.
I understand your question. My recollection for my distributions in my
Fidelity account is that I have to do the same as you. I also recall
that the Fidelity account distributions are different than those from
Vanguard. I've not found it to be too inconvenient to parse out the
"dividends" into the correct categories so I guess I haven't worried
about it too much. I think you have to be careful that you don't
override Quicken's share totals for each category. I think the best way
is to do all the parsing is in one transaction that includes all the
categories. (I'm strictly pulling this from my memory.)
When I change transactions #2 and #3, the Action changes to CGShort
and CGLong and when I run TurboTax, it distributes the dollar amount
to the correct tax category. The #1, #2, & #3 transactions only have
dollar amounts and does not contain the "shares" bought as that is
consolidated in transaction #4. I don't change anything in #4 and
everything works out OK.
So I was wondering if other investment companies download transactions
as ReinvDiv, ReinvSh, ReinvLg which does contain the Shares purchased.
I'm thinking this is the way to resolve my complaint with Fidelity's
method of download.
Thanks for your input.
I just looked at my Fidelity account, and I see the same thing that you
do. Since it is an IRA, I haven't concerned myself with how they
reported the dividends and capital gains.
I also looked at my Vanguard account, and I see ReinvDiv, ReinvSh, and
ReinvLg transactions that were downloaded from them. So, it looks like
they do it right.
Hope this helps.
I think it is a mixed bag - and in some cases may depend on what the
company reports to the FI. Have encountered cases where dividends are
reported initially and then get revised to assorted distributions in
the year-end 1099 report.
AT Fidelity, what type of account holds the funds that you're
discussing? Is it designated as a "mutual fund account" (that can
hold multiple funds, but only funds) OR is it designated as a
brokerage account (that can hold both funds and individual
I have both types of accounts at Fidelity. In some cases, I hold the
same fund in both a brokerage account an in a m/f account ... and my
recollection is that they download differently.
Note, however, that I'm writing this from memory, and could easily be
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