Schwab LTCG misreported as ordinary dividends

After recent problems with Schwab changes, mutual fund LTCG distributions now being downloaded by Quicken as ordinary dividends (ReinvDiv), not ReinvLG, improperly doubling the amount of actual income shown for estimated tax purposes. Must now review and edit all downloaded transactions to determine correct ordinary dividends for tax purposes. Needs to be corrected before year-end.

Comments

  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    Regarding your comment about “corrected before year end”, I hope you are not expecting transactions you have now accepted to be corrected or changed. I don’t see that happening. What needs to happen ASAP is to get the “translation” right for all the year end distributions coming. End of the year after those distributions is too late. 
  • artg
    artg Member ✭✭✭✭
    @q_lurker

    Good morning.  I've posted my own discussion (this morning) about a similar problem as follows:

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    Good morning Q community.  This morning I executed a One Step Update and two ETFs (in Managed Portfolios) distributed “Return of Capital” according to the Quicken description.  Unfortunately, the distributions were Long-term Capital Gains according to our Schwab accounts. I went into the account registers and did an appropriate edit and now they’re reflected accurately.  Has anyone else experienced this problem?  I’m not expecting a solution. Frankly I probably need to be somewhat happy that (1) the transaction actually downloaded and (2) with an accurate amount.  I guess that’s now the definition of progress.
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    Thank you for your comment and maybe these two threads need to be merged.  None the less, one way or another the classification of a (taxable) distribution needs to be accurate so we can all make sure our 1099-Div is accurate in about six weeks. 
  • jl747
    jl747 SuperUser ✭✭✭✭✭
    edited December 2021
    Quicken Windows Premier (Subscription) - R39.23 -Windows 10 Pro


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