How to separate dividends, short-term and Long-term gains from Fidelity?

Fidelity Investments doesn't download reinvestments in a mutual fund the way they did many years ago (or, for that matter, show them on printed statements). This means the categorization of income is wrong.

Here's an example of hypothetical quarterly reinvestment, as it appears in four separate transactions downloaded into Quicken:

DIVIDEND INCOME $25 (actual dividend)
DIVIDEND INCOME $10 (actually, a long-term capital gain)
DIVIDEND INCOME $5 (actually, short-term capital gain, noted in the Memo column)
BUY 8 shares @ $5 (sweeping out $40 from cash in one transaction)

What this ought to be is three reinvestment transactions:
REINVEST DIVIDEND $25 5 shares
REINVEST LT CAP GAIN $10 2 shares
REINVEST ST CAP GAIN $5 1 share

so that everything winds up in the right category, because long-term gains are in a different tax category (ST are treated as dividends for taxes, at least for now).

Is there some way to do this automatically, or do we have to "fix" it manually?

Best Answer

Answers

  • Rocket J Squirrel
    Rocket J Squirrel SuperUser, Windows Beta ✭✭✭✭✭
    edited September 2019
    I personally edit all the Dividend and Gain transactions to be Reinvestments, and delete the Buy. This results in a more accurate Amount Invested for the security, and any statistic (e.g., Return and ROI) which uses Amount Invested. If you use a Buy instead of a Reinvest, Quicken will increase Amount Invested, which is incorrect, because you haven't added any money out of your pocket.
    [EDIT: I just noticed you're on a Mac. I know nothing about QMac, so my comment about Amount Invested may not even be correct on that platform.]
    I have complained about the incorrect transactions to Fidelity many times over the years. They shrug it off and don't care to fix it. I have given up complaining and just do the painful transaction editing when needed.
    Quicken user since version 2 for DOS, now using QWin Premier Subscription on Win10 Pro.
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