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Quicken downloads capital gains transactions from Fidelity Investments as dividends, which I then ha

ManniesmManniesm Member
edited October 2018 in
Quicken downloads capital gains transactions from Fidelity Investments as dividends, which I then have to manually change in Quicken. My wife and I each have 2 Fidelity accounts, which always download to Quicken in a matter of only 2-3 seconds inclusive no matter how many transactions there are or what type. The same transactions from Charles Schwab take 10 times as long and are accurate. I have only one checking account with our local bank, and those transactions also take 10 times as long to complete.
I can attach a file showing the latest entries to my wife's IRA account at Fidelity and the same entries as interpreted by Quicken. The text in each entry to Quicken shows that it is a capital gains transaction, but the "action" in Quicken is a dividend.

The connection between Quicken and Fidelity Investments needs to be examined.

Comments

  • q_lurkerq_lurker SuperUser ✭✭✭✭✭
    edited June 2018
    I suggest you look at the OFX file information coming from Fidelity.  See the Quicken help, log files.  Once you get the feel for it, the structure of the info is pretty clear.  I predict you will see that it is Fidelity identifying the transactions as dividends.

    Hint-- it may be helpful to save the OFX log file as a txt file, and then look at it with Notepad or some other package with searching capabilities.  

    HTH
  • ManniesmManniesm Member
    edited November 2016
    q.lurker said:

    I suggest you look at the OFX file information coming from Fidelity.  See the Quicken help, log files.  Once you get the feel for it, the structure of the info is pretty clear.  I predict you will see that it is Fidelity identifying the transactions as dividends.

    Hint-- it may be helpful to save the OFX log file as a txt file, and then look at it with Notepad or some other package with searching capabilities.  

    HTH

    Thanks, I agree, I've been this route with Quicken and I have corresponded with Fidelity.  Neither will assume responsibility.  I'm sure if they tried, they could resolve the issue, so I'm putting this out into every venue until I can to make someone deal with it.
  • NotACPANotACPA SuperUser ✭✭✭✭✭
    edited October 2018

    Here's exactly what Fido sent, yesterday, for a Long Term Cap gain that I received and reinvested. NOTE, in particular the IncomeType field, and the Memo fields. I've highlighted both.

    <INVTRANLIST><DTSTART>20150116080957.843[-5:EST]<DTEND>20150117080954.023[-5:EST]<BUYMF><INVBUY><INVTRAN><FITID>15323930501601120150116<DTTRADE>20150116000000.000[-5:EST]<MEMO>REINVESTMENT</INVTRAN><SECID><UNIQUEID>316200104<UNIQUEIDTYPE>CUSIP</SECID><UNITS>+0000000000003.72500<UNITPRICE>000000129.980000000<COMMISSION>+00000000000000.0000<FEES>+00000000000000.0000<TOTAL>-00000000000484.1400<CURRENCY><CURRATE>1.00<CURSYM>USD</CURRENCY><SUBACCTSEC>CASH<SUBACCTFUND>CASH</INVBUY><BUYTYPE>BUY </BUYMF><INCOME>
    <INVTRAN><FITID>15323930501601220150116<DTTRADE>20150116000000.000[-5:EST]<MEMO>LONG-TERM CAP GAIN</INVTRAN><SECID><UNIQUEID>316200104<UNIQUEIDTYPE>CUSIP</SECID><INCOMETYPE>DIV<TOTAL>+00000000000484.1400<SUBACCTSEC>CASH<SUBACCTFUND>CASH<CURRENCY><CURRATE>1.00<CURSYM>USD</CURRENCY> </INCOME>
    </INVTRANLIST>



    When Fido is sending the txn as a Div, and only putting the correct description in the Memo, why would Q be expected to do anything other than following Fido's instruction that it's a DIV? Fido should have sent this txn as a ReinvLG.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • ManniesmManniesm Member
    edited November 2016


    Here's exactly what Fido sent, yesterday, for a Long Term Cap gain that I received and reinvested. NOTE, in particular the IncomeType field, and the Memo fields. I've highlighted both.

    <INVTRANLIST><DTSTART>20150116080957.843[-5:EST]<DTEND>20150117080954.023[-5:EST]<BUYMF><INVBUY><INVTRAN><FITID>15323930501601120150116<DTTRADE>20150116000000.000[-5:EST]<MEMO>REINVESTMENT</INVTRAN><SECID><UNIQUEID>316200104<UNIQUEIDTYPE>CUSIP</SECID><UNITS>+0000000000003.72500<UNITPRICE>000000129.980000000<COMMISSION>+00000000000000.0000<FEES>+00000000000000.0000<TOTAL>-00000000000484.1400<CURRENCY><CURRATE>1.00<CURSYM>USD</CURRENCY><SUBACCTSEC>CASH<SUBACCTFUND>CASH</INVBUY><BUYTYPE>BUY </BUYMF><INCOME>
    <INVTRAN><FITID>15323930501601220150116<DTTRADE>20150116000000.000[-5:EST]<MEMO>LONG-TERM CAP GAIN</INVTRAN><SECID><UNIQUEID>316200104<UNIQUEIDTYPE>CUSIP</SECID><INCOMETYPE>DIV<TOTAL>+00000000000484.1400<SUBACCTSEC>CASH<SUBACCTFUND>CASH<CURRENCY><CURRATE>1.00<CURSYM>USD</CURRENCY> </INCOME>
    </INVTRANLIST>



    When Fido is sending the txn as a Div, and only putting the correct description in the Memo, why would Q be expected to do anything other than following Fido's instruction that it's a DIV? Fido should have sent this txn as a ReinvLG.

    You're right, but why wouldn't Quicken try to prevail upon Fidelity to do the correct thing.  Anyone who downloads to TurboTax without checking against their 1090's is going to pay too much tax, aside from the inconvenience of those who know it's happening like me who make the correction.  But, thanks, I'm going send that copy what you sent to Fidelity.
  • q_lurkerq_lurker SuperUser ✭✭✭✭✭
    edited December 2016


    Here's exactly what Fido sent, yesterday, for a Long Term Cap gain that I received and reinvested. NOTE, in particular the IncomeType field, and the Memo fields. I've highlighted both.

    <INVTRANLIST><DTSTART>20150116080957.843[-5:EST]<DTEND>20150117080954.023[-5:EST]<BUYMF><INVBUY><INVTRAN><FITID>15323930501601120150116<DTTRADE>20150116000000.000[-5:EST]<MEMO>REINVESTMENT</INVTRAN><SECID><UNIQUEID>316200104<UNIQUEIDTYPE>CUSIP</SECID><UNITS>+0000000000003.72500<UNITPRICE>000000129.980000000<COMMISSION>+00000000000000.0000<FEES>+00000000000000.0000<TOTAL>-00000000000484.1400<CURRENCY><CURRATE>1.00<CURSYM>USD</CURRENCY><SUBACCTSEC>CASH<SUBACCTFUND>CASH</INVBUY><BUYTYPE>BUY </BUYMF><INCOME>
    <INVTRAN><FITID>15323930501601220150116<DTTRADE>20150116000000.000[-5:EST]<MEMO>LONG-TERM CAP GAIN</INVTRAN><SECID><UNIQUEID>316200104<UNIQUEIDTYPE>CUSIP</SECID><INCOMETYPE>DIV<TOTAL>+00000000000484.1400<SUBACCTSEC>CASH<SUBACCTFUND>CASH<CURRENCY><CURRATE>1.00<CURSYM>USD</CURRENCY> </INCOME>
    </INVTRANLIST>



    When Fido is sending the txn as a Div, and only putting the correct description in the Memo, why would Q be expected to do anything other than following Fido's instruction that it's a DIV? Fido should have sent this txn as a ReinvLG.

    "but why wouldn't Quicken try to prevail upon Fidelity to do the correct thing"?

    To quote Freddie Prinze's character, Chico -- "Ees not my job, man!"

    More seriously, there is limited to no pressure that Intuit can put on Fidelity on the issue.  Looking at it from Fidelity's side, Intuit comes forward and says, "You are doing that wrong."  Fidelity looks things over and says back, "Our customers are satisfied.  We are not going to make a change just because Intuit has OCD."  Unless sufficient numbers of Fidelity's customers complain, enough to overcome the inertia of those who don't complain, then Fidelity will not change.  

    Also be aware that there appear to be more users that feed their tax data to tax software from the brokerage, than do from Quicken.  My subjective observation is that relatively few Quicken users rely on Quicken for that level of taxable income accuracy.
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