TD Ameritrade / Schwab dividend transactions incorrectly show up as Deposits vs Divs?
I have recently transitioned from TD Ameritrade to Schwab and sync it through Express Web Connect+. All dividends and interest received display in the account register as a "deposit" in the "action" column. This should be recorded as a dividend along with the security. Recording as a deposit makes all income and tax liability reporting inaccurate.
Note, dividends and interest download correctly in all other brokerage accounts.
What is the best way to resolve this? I suspect the issue is with Schwab, but am interested in others experiences and solutions. Note, manually changing the transactions from deposit to dividend is too time consuming when you have 30+ dividend/interest transactions per month.
I've noticed that similar threads on this discussion topic are quickly closed with no responses. Given the large number of people who have transitioned from TD Ameritrade to Schwab, I would think this is of broad interest. Thank you.
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From what I surmised with a discussion with a Schwab rep, any dividends with an ex-dividend date before the transition and paid after the transition would be recorded as income only and not reinvested. I expect it will start to sort it out in the next month or so. However, I have had a couple of dividends reinvest. but the Reinvest Dividend and Reinvest Shares in my Schwab history show as separate transactions as they occurred on different days. Quicken downloaded the transaction as a dividend and buy transaction instead of as a Quicken single Reinvest Inc. transaction as they were when downloaded from TDAmeritrade. According to my statements, TDAmeritrade recorded the buy on the same day as the dividend payment, with the settlement date two days later. The buy transaction can be edited as a Reinvest Income and the dividend payment can be deleted. I don't know yet what would happen if I download the transactions after the buy date.
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I had two accounts transition from TD Ameritrade to Schwab, but I haven't had any dividends or interest downloaded yet.
But I wouldn't think that Schwab's at fault here, I would be more inclined to blame the aggregator (Intuit). As far as I can see you're the only one reporting this but if this is a systematic problem there should be an uproar in here. You could use the "report a problem" available in Quicken to get the ball rolling.
Until this is confirmed as a problem affecting lots of users I'd say fix manually for the time being.
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Thanks Tom. I have seen posts in the forum on this topic, but to your point, not a significant number. I plan to call Schwab tomorrow and will report the issue to Quicken as you suggest. Will report back here on findings.
I downloaded a new dividend today, it records two deposits. The first with a Payee of "Tda Tran - Qualified Dividend (" and the second on the settlement date with a Payee of "Tda To Cs&co Transfer".
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Those two items sound like they were caught in the limbo between Friday and Tuesday. It might self-correct with the clear hand-off to Schwab.
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I had about 6 weeks of those goofy transactions that appeared to be transfers from Ameritrade to Schwab after my Ameritrade to Schwab transition. Also continued to get both Ameritrade statements and Schwab statements for 3 months.
Quicken user since Q1999. Currently using QW2017.
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"I had about 6 weeks of those goofy transactions that appeared to be transfers from Ameritrade to Schwab after my Ameritrade to Schwab transition."
I'll bet it took them that long to figure things out so that you were properly seeing the same transactions in Schwab that you were seeing in Ameritrade.
You were "lucky" enough to be included in the small test batch of accounts transferred in May.
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@Tom Young also during that post transition period, no dividend reinvestments occurred. Only the dividend income payments happened. So missed out on several weeks of reinvestments :-(.
Quicken user since Q1999. Currently using QW2017.
Questions? Check out the Quicken Windows FAQ list0 -
I had the same experience, more than 4 weeks of transactions dated pre-migration. Because I synchronized my account prior to the migration, I ignored/deleted those transactions as they were deposits vice dividend actions, and didn't match with existing transactions.
Now I am seeing new dividend distributions (I average about 6/week in this retirement account) with post Schwab transition settlement dates all coming in as deposits. Hopefully, as you suggest, it will resolve itself within time. I have a larger brokerage account that doesn't migrate until March of 2024 (go figure). In the meantime, I'll pursue both Quicken and Schwab. Glad to hear that this issue has not been unique to me. Thanks much for sharing.
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My dividends loading from Schwab are not descriptive at all. Is this a TDA thing?
I get this in Quicken in the Security field of a downloaded transaction: Tda Tran - Qualified Dividend ( which isn't helpful at all. I went to Schwab and see the equity is listed at the last thing, and is apparently getting cut off. Also, the record type is Deposit instead of Div.
Previously, with TDA, I'd get this the actual security name in the secuity field.
Anyone have any insight into this?
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I think it is because the securities were registered through TDA at the record date. Once all the prior declared dividends are paid you will see a better description. I have a Schwab account that I have had for several years and the descriptions are fine but I am going through the same thing as you with my just converted TDA accounts.
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I've seen a couple of other posts along this line and as @bmciance says my guess is that transactions downloaded with the "Tda Tran" identifier are transactions not downloaded in the transition period but still identified as TD Ameritrade as the broker of record. I'd expect that will fix itself shortly.
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Thank you both.
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I am experiencing the same issue, where dividends appear as deposits and I get an extra deposit with "Tda to Cs&co Transfer". Looking at details of the transaction history on the Schwab web portal, the "Action" column incorrectly indicates "Qual Div Reinvest". My dividends are not reinvested. Also the "Symbol" column is blank. Instead, the symbol appears in the description as such "TDA TRAN - QUALIFIED DIVIDEND (CVX)". Note, the quicken download cuts off the description after the first paren. While it is difficult to be certain, this appears to be an issue with Schwab, as the information is not complete or correct in their own transaction history. It could be transient given that "TDA TRAN" is still appearing in transactions - albeit ten days after the transition.
When I first called Schwab, they recommended calling Quicken, which I did. Quicken indicated that the fix has to start with Schwab and based on the above information I would agree. Has anyone else talked with Schwab? I plan to call again.
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Looking at details of the transaction history on the Schwab web portal, the "Action" column incorrectly indicates "Qual Div Reinvest". My dividends are not reinvested. Also the "Symbol" column is blank. Instead, the symbol appears in the description as such "TDA TRAN - QUALIFIED DIVIDEND (CVX)". Note, the quicken download cuts off the description after the first paren. While it is difficult to be certain, this appears to be an issue with Schwab, as the information is not complete (symbol column missing) or correct in their own transaction history. It could be transient given that "TDA TRAN" is still appearing in transactions - albeit ten days after the transition.
When I first called Schwab, they recommended calling Quicken, which I did. Quicken indicated that the fix has to start with Schwab and based on the above information I would agree. Has anyone else talked with Schwab? I plan to call again.
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I have not called Schwab. Having another Schwab account that was not involved with this transfer I know that when everything straightens out the transactions will come through with proper descriptions. In fact, I had two bonds pay interest since the migration and the descriptions were exactly as I would expect. Once you start having dividends paid where the record date is after the migration I am sure the descriptions will be back to normal since they won't have the "TDA Tran" at the start. You can call Schwab but it is very doubtful that they will change the descriptions. We just have to be patient since this should not last too much longer. Most dividends are paid two to four weeks after the record date.
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It's not the description that is of concern, it's the fact that the action is incorrect (deposit vs. dividend or interest) and that the equity symbol is not populated in the symbol field - issues requiring manual intervention to fix so that quicken balances, income reports, and tax reports function properly.
Are you saying that these issues (downloading the correct action and symbol) resolved some period after the migration? If that is the case, then I'll be patient and wait. So far, that is not my experience. I have had 10 dividend payments after 9/5 (transition date) that still have issues - but it has only been 10 days.
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I did an analysis of my stocks in the migrated accounts (I have 2), and from what I can see my last dividend to be paid that would have to be transfered from TD is due on 9/29. The first that will be paid directly to Schwab is due on the 20th. So prior to the 20th they will all go to TD and have to be transferred, between the 20th and 29th it is a mixed bag and then after the 29th it should be normal operations at Schwab. So, depending on your mix of stocks you probably have to be patient for two more weeks.
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Same thing I've seen. I deleted the "deposits" that were just repeats of the dividend payments and then edited the dividend transactions and made them dividends with the proper stock identified. If what they say above is correct then this should correct itself. With the edits I made Quicken matches the online balances.
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I have all my dividends set up as reminders so I just enter them and end up deleting the tranfers. Eventually they will come in as dividends and match up with my reminder entries.
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bmciance
Thanks for the clear(est) explanation of what’s going on – Add me to the list of users having issues with the TDA > Schwab conversion.
I’ve added up all the Duplicate transactions, the “Tda to Cs&co Transfer” ones, and subtracting them from my Quicken Cash balance, which makes it match my Schwab online balance. I’ve not yet deleted the duplicate entries…. I’m waiting till I start to see normal downloaded entries; perhaps within the next two weeks?I did use the Message Us form online with Schwab, a week ago; asking why the duplicate entries were appearing. No reply yet, which disappoints me with Schwab…. As the transfer just happened, you would think they would want to ‘please’ new customers, keeping us happy. Guess Not. Thus far, not impressed with Schwab.
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Hi Cliff. Please, keep us posted on the interaction with Schwab. I keep correcting entries manually … tedious .. but the only way I know how to address the lack of clarity for each entry.
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Following! Please update with information from calls with Schwab and/or Quicken.
I too had the duplicate "Tda Tran" transactions after the migration to Schwab which I had to go delete. If I had known, I could have rejected the transactions:-)
Now, as others have noted, the new dividends are also coming in that way as a deposit with no ticker symbol. E.g. "Tda Tran - Ordinary Dividend (S".
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Will do (report discussions with Schwab ). Based on discussions in other threads, I plan to wait a couple of weeks as the prevailing consensus is that the issue is transient and will work itself out.
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Good news. Starting on 9/19 dividends from Schwab accounts downloaded correctly into Quicken from a transitioned TD Ameritrade account. They appear with a "Div" action and the correct symbol. Transactions from the migration date 9/5 through 9/18 require manual intervention (update action and symbol).
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Good news. Starting on 9/19 dividends from Schwab accounts downloaded correctly into Quicken from a transitioned TD Ameritrade account. They appear with a "Div" action and the correct symbol. Transactions from the migration date 9/5 through 9/18 require manual intervention (update action and symbol).
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@Cliff Se, Just keep in mind that it goes by the record date. It's still possible that you could get more dividends transferred from TDA in the next week or two. Of course, it depends on the stocks you have. I know I still have some that will go through TDA until the 29th.
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My dividend payments posted yesterday (9/20/2023) downloaded as a deposit without the symbol and included an additional deposit for the cash sweep transfer.
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From what I surmised with a discussion with a Schwab rep, any dividends with an ex-dividend date before the transition and paid after the transition would be recorded as income only and not reinvested. I expect it will start to sort it out in the next month or so. However, I have had a couple of dividends reinvest. but the Reinvest Dividend and Reinvest Shares in my Schwab history show as separate transactions as they occurred on different days. Quicken downloaded the transaction as a dividend and buy transaction instead of as a Quicken single Reinvest Inc. transaction as they were when downloaded from TDAmeritrade. According to my statements, TDAmeritrade recorded the buy on the same day as the dividend payment, with the settlement date two days later. The buy transaction can be edited as a Reinvest Income and the dividend payment can be deleted. I don't know yet what would happen if I download the transactions after the buy date.
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I would like to know if we will get one 1099 covering both Schwab and Ameritrade transactions for 2023 or two separate 1099s. Looking at the income YTD on the Schwab site, it includes only some of the income from Ameritrade.
Quicken user since Q1999. Currently using QW2017.
Questions? Check out the Quicken Windows FAQ list-1 -
A few things —
Effective a few days ago, my Schwab to Quicken downloads appear correct. Dividends are correctly reported (now). All Good.
Two, mshiggins…. Schwab said we would get TWO 1099's this year. One from TD Ameritrade, and one from Schwab.
Some of the details are here:Clearly, with everything as convoluted as it's been, with the transition thus far, I for one, will not trust the separation of the two 1099's. Quicken downloaded three months worth of data, initially. So I would be afraid of some duplicate accounting
It even says the TD Ameritrade 1099's will be avialble (already are) as of Sept 5th.
You can access your TD Ameritrade 1099 tax forms online at schwab.com/1099dashboard by September 5, 20232 -
Oops, WRONG….
On Schwab, it only shows OLDER TDA 1099's…. that is what it meant referring to Sept 5th. Searching and digging, I found this (finally)Since your TD Ameritrade account will transition from one broker-dealer to another in 2023, you'll receive two 1099 forms for the 2023 tax-reporting year—one from TD Ameritrade and one from Schwab.
The information on the forms will be exclusive, and you'll need to report the amounts from both TD Ameritrade and Schwab when you file your taxes.
If you need to see or get your historical tax documents, you can access them after your account transitions by logging in to Schwab.com and going to Accounts > Statements > Doc Type: Tax Forms.
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