Mmmm Hmmm There You Are

[RitaB]

Dadgummed 426,000 in sales proceeds on 24 short term transactions with a whopping $926 collective gain.   There's that advisory fee on page 23.

[jklcpa]

One of my new clients this season had activity such that looks like the advisor is churning the account.  $1.6 million in proceeds for $25K in short-term gains and $14K in ordinary dividends.  Investment fees were $20K.   32 pages of activity to split between PY states because he relocated, and then he got a corrected 1099!  Such fun, NOT!

[jklcpa]

Another one a couple of days ago had a 40 page 1099 from the broker with each fund having provided percentages of U.S. oblig interest, foreign divs, and many with T/E interest within and outside the state of residence, none of which was provided in dollar amounts.  Oh well, I'm told that's why we make the big bucks, and then they complaint that I raised the bill by $10.   There was a PTP in there too.

[Abby Normal]

If they don't do the math, we usually skip those, under the premise that our fees would exceed any tax benefit. Exception is when the dividends are 10,000 or more, or the % are high.

Then I tell them to complain to their broker or find one who does do the math, like Edward Jones or Baird. I have business at hand for both.

[jklcpa]

1 hour ago, Abby Normal said:

If they don't do the math, we usually skip those, under the premise that our fees would exceed any tax benefit. Exception is when the dividends are 10,000 or more, or the % are high.

Then I tell them to complain to their broker or find one who does do the math, like Edward Jones or Baird. I have business at hand for both.

I'd say with almost $64K in dividends and another $10K+ in T/E interest, you wouldn't be skipping these steps.