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Onvia Inc. Message Board

  • kg2931 kg2931 Feb 9, 2003 1:23 AM Flag

    5/3/02 Cash Div - Non Taxable event?

    Wasn't the cash distrib/dividend we received on May 3, 2002 as a result of the 1:10 R/S supposed to be a non-taxable event?

    I thought I read that in the news releases back then yet, I haven't rec'd any documentation to that effect from Onvi to accompany my yr2002 tax filing. Has anyone else received any such form like this from Onvi recently???

    Meanwhile, I have rec'd a yr2002 1099-Div identifying requiring me to claim this as income (1099-Div)! In my case this amounts to a $1266 dividend that was never rec'd in cash but reinvested in additional shrs of Onvi.

    The answer is probably simple and readily available but I haven't been able to get to my homework on this yet. Thinking someone here might save me some research time...

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    • Thank you. How did you buy your shares of Onvi? Through a brokerage firm, independent broker or some other means?

    • Zappy,

      Thank you. Yes, Onvia IR called me last night and said pretty much the same. It appears that Fidelity mis-recorded it on the 1099-Div section of their report to me. So, I'll be calling Fidelity for this. Just hope Fidelity provides a correction and something for me to back up my tax return!

    • received it last week of January via US Mail direct from Onvia

    • Onvia is required to send the 1099-div to whatever address they sent the dividend. If that's your home, you get it. If your broker holds your shares and received the dividend on your behalf, he gets it.

      If your broker houses your shares, you must trust that your broker will record and convey the proper information to you. That's beginning to sound like the source of confusion, it sounds like brokers are recording it differently. You had better get to your brokers to get a copy of that 1099-div.

    • I never rec'd one. About when did you receive it? How did you rec'v it?

    • KG, Cut from my year end statement. Oddly it is listed as a dividend and then changed to a return of capital, which is not taxable. Your's should be similiar. If not, you might want to talk to your broker. Or you could listen to Zappy, he seems bright.

      05/03 ONVIA.COM INC DIVIDEND 11,973.00
      05/03 ONVIA.COM INC DIVIDEND 11,973.00-
      05/03 ONVIA.COM INC RETURN OF CAPITAL 11,973.00

      • 2 Replies to kentreg
      • Thanks all for your input. I'll have to go home tonight and see exactly how this is recorded on my Fidelity EOY tax statement. I know it shows up as a 1099-Div. Also shows up in a separate section of the statement as a purchase activity.

        Still what I'm referring is the customary letter that the company usually provides it's shareholders to send in with their tax return saying it's a non-taxable event. Haven't rec'd anything like that yet.

        I'll get back to you all...

      • The only thing that counts is what's on the 1099-div sent out by Onvia. If they send it to you, you'll see it directly on a 3 part document, you get copies B, C, (sometimes an extra labeled copy 2) and the IRS gets copy A. If they send it to your broker, you should find out from him what was send to the IRS on Copy A.

    • KG,

      On my year end statement available for download at TDWaterhouse it lists the transaction as a non-taxable distribution. You should definately NOT pay tax on it.


      • 1 Reply to kentreg
      • Bad tax advice kentreg.

        If kg2931 has been sent a 1099-div from Onvia declaring the dividend as taxable, that means Onvia sent a 1099-div to the IRS with the same info.

        This is where the rubber meets the road. It was only Pickett's "opinion" that the return-of-capital would fly as non-taxable.

        If it is declared as taxable, take comfort in knowing the tax hit to the big owners would be pretty hefty.

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