Fidelity Capital Gains Distribution Miscategorized as Dividend Transaction

Scooterlam

Rocket J Squirrel

I don’t know how this can be anything other than Fidelity’s fault. You are correct they are sending the wrong INCOMETYPE.



Whenever I meet with my Fidelity rep, I gripe about Fido sending bad transaction data to Quicken. I am not optimistic Fido will ever fix it.

Scooterlam

I don’t know how this can be anything other than Fidelity’s fault. You are correct they are sending the wrong INCOMETYPE.



Whenever I meet with my Fidelity rep, I gripe about Fido sending bad transaction data to Quicken. I am not optimistic Fido will ever fix it.

Thanks.   I sent a message to Fidelity today.  Their Quicken support, in the past, have been responsive and helpful.  Let's see if they toss it back to Quicken, as a Quicken issue, or if they take the issue onboard!

Will revert with any followup from Fidelity....

Scott

NotACPA

I don’t know how this can be anything other than Fidelity’s fault. You are correct they are sending the wrong INCOMETYPE.



Whenever I meet with my Fidelity rep, I gripe about Fido sending bad transaction data to Quicken. I am not optimistic Fido will ever fix it.

NOTE that in the Memo field, Fido sent the correct info.  I've been complaining about this for years also ... to no effect ... and I'm a client in Fidelity's "Private Client Group".

SO, I carefully review that Memo field, and edit the transaction (before saving it) to have the correct "Action".

Unknown

I don’t know how this can be anything other than Fidelity’s fault. You are correct they are sending the wrong INCOMETYPE.



Whenever I meet with my Fidelity rep, I gripe about Fido sending bad transaction data to Quicken. I am not optimistic Fido will ever fix it.

I can also confirm that Fidelity has the same incorrect income type reporting on 08-Dec-2017 for the Fidelity Contra fund. The memo again list long-term capital gains but the transaction is labeled as dividend. Correcting this by hand through transaction editing is not hard, but now I will have to check every dividend transaction from Fidelity by hand to correct if necessary.

Jim_Harman

Unknown

Because an IRA account is tax deferred, this doesn't really matter for tax reporting purposes.

Of course as NotACPA suggests, you can always correct the downloaded transactions in Quicken so that they match reality.

I have a 401k with another FI that insists on downloading reinvested Dividends as reinvested Interest even though the Memo says EARNINGS - DIVIDENDS. Whenever I sell securities, they include unnecessary transactions that show the realized gain. 

Having it call it interest instead of dividends I would consider a minor inconvenience that I wouldn't even both to correct in an IRA/401K.

It can be worse.  For my wife's 401K (Merrill Lynch) they send all the transactions a "bought", even though in fact some of them are reinvested dividends.

Which of course makes the cash balance go negative.  So I have to fix those up manually.  Luckily there are only a couple and at most they are monthly.