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ECEPROF
Participant ○

Question on Sale of PCI in 2018

There is a distribution of 23.28 on 12/21/2018 with a settlement date of 01/03/2019 and a Partnership of (-$23.28) with the same dates in my Vanguard Brokerage account.

What is this all about? Where should I report it in my tax return? 8949?

Thanks in advance.

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16 Replies
yogibearbull
Valued Contributor

Re: Question on Sale of PCI in 2018

Those dates don't make sense for PCI, see   https://www.dividendchannel.com/history/?symbol=pci

Your 2018 brokerage 1099 should have included it or 2019 1099 will.

What was the sale date? Websites show PCI distributions [ex-div] on 12/12/18, 12/14/18, 1/11/19. Payouts were probably few weeks later.

Distributions made in 2018 [ex-div date] but paid in 2019 should be in 2018 1099.

YBB
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DocWu
Explorer ○○○

Re: Question on Sale of PCI in 2018

PCI pays their regular distribution on the first of each month, so that would be 12/1/2018. LAst year, they paid a special distribution on 12/21/2018. I believe it was .35 per share. Did you sell 66 shares last December, and they gave you the special in shares, and Vangard redeemed them??.

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ECEPROF
Participant ○

Re: Question on Sale of PCI in 2018


@yogibearbull wrote:

Those dates don't make sense for PCI, see   https://www.dividendchannel.com/history/?symbol=pci

Your 2018 brokerage 1099 should have included it or 2019 1099 will.

What was the sale date? Websites show PCI distributions [ex-div] on 12/12/18, 12/14/18, 1/11/19. Payouts were probably few weeks later.

Distributions made in 2018 [ex-div date] but paid in 2019 should be in 2018 1099.


Yogi

This is the partnership I was referring to in the TIAA thread. I did not know that it was from PCI. Obviously, this is not an MLP. I have to thank God for that.

Getting back to PCI, those are the dates. Here is the screen shot of my transactions of PCI during last December and January 2019. You will see Partnership terms with both negative and positive signs,Screenshot_2019-12-01 Account activity.pngPCI Trans

The rest of them are all divs. I hope that you can explain the solution to my problem. I read in Fidelity that CEFs are supposed to provide the sources of their income. I assume that this is what is it. So, they add and subtract with no effect on my tax return.

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ECEPROF
Participant ○

Re: Question on Sale of PCI in 2018

No, I did not sell. I only bought in December as you will see in my reply to Yogi. But, I did sell sometime later in January but those are different.

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nobhead
Explorer ○○

Re: Question on Sale of PCI in 2018


@ECEPROF wrote:

There is a distribution of 23.28 on 12/21/2018 with a settlement date of 01/03/2019 and a Partnership of (-$23.28) with the same dates in my Vanguard Brokerage account.

What is this all about? Where should I report it in my tax return? 8949?

Thanks in advance.


I have the partnership entries on PCI at Vanguard with entries just like you show. I also show dividend and dividend reinvestment for exact same amounts as the partnership entries. No answer for you but just let you know I have the entries as well. Guessing you do not reinvest dividends but I do.

Nob
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yogibearbull
Valued Contributor

Re: Question on Sale of PCI in 2018

Those entries are unclear. But your 2018 brokerage 1099 [original or revised] should have taken care of it. Ex-div or transaction dates matter [2018], not the payout/settlement sates [2019].

I don't own PCI now, but when I did before at Schwab, I never got such weird "Partnership" entries for it.

Edit/Add: CEFConnect shows following dates,   https://www.cefconnect.com/fund/PCI

Ex-div 12/12/18   Payable 1/2/19    [regular distribution with small ROC (tentative)]

Ex-div 12/14/18   Payable 12/21/18  [special distribution]

So, dates make some more sense but "Partnership" label doesn't.

YBB
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aubfan
Explorer ○

Re: Question on Sale of PCI in 2018

An interesting thread to my mind. 

I'm sure its Vanguard who's made the data entry error terming the PCI distribution a partnership distribution. They corrected it fairly quickly though so u should have no worries. As yogi points out, its the 1099 that u have to be concerned about & I gather vanguard has sent u a correct 1099 so you're good2go.

Vanguard's brokerage operation seems to be a bolt-on service & a low priority for them. Its back office is the weakest of all the on-line brokers. I wouldn't be surprised that at some point Vanguard sells its brokerage arm. Brokerages are costly operations & the zero commission explosion has put intense pressure on the smaller firms so Vanguard is likely thinking of its future.

 

 

 

 

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keppelbay
Participant ○

Re: Question on Sale of PCI in 2018

@ yogi

I think you might have the wrong year on these. the Pimco site is not yet showing 2019 Dec and EOY distributions for the CEFs.

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yogibearbull
Valued Contributor

Re: Question on Sale of PCI in 2018


@keppelbay wrote:

@ yogi

I think you might have the wrong year on these. the Pimco site is not yet showing 2019 Dec and EOY distributions for the CEFs.


Dates fixed. @ECEPROF was talking about a "Partnership" distribution by Vanguard in 2018 that Vanguard reversed later. Probably the 2018 1099 or Corrected-1099 were fine.

YBB
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DocWu
Explorer ○○○

Re: Question on Sale of PCI in 2018

ECeprof, I see you added some PCI in early January? Good move.

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ECEPROF
Participant ○

Re: Question on Sale of PCI in 2018


@yogibearbull wrote:

@keppelbay wrote:

@ yogi

I think you might have the wrong year on these. the Pimco site is not yet showing 2019 Dec and EOY distributions for the CEFs.


Dates fixed. @ECEPROF was talking about a "Partnership" distribution by Vanguard in 2018 that Vanguard reversed later. Probably the 2018 1099 or Corrected-1099 were fine.


Yes, 2018 1099 did not have this issue but has reappeared in 2019.

Besides, this is the third tax-related problem with Vanguard. One in 2015, another (different problem after corporate merger) in 2018. I had to go though a hell of time in changing the problem even though I sent a screen shot of the transaction from their own website. The tax people in Vanguard just wanted to get rid of me instead of correcting the issue. Since they are not in the front, you cannot talk to them or send e-mail to them. The reps do not have any idea of the tax related issue. Again this one in 2019. Apparently, I will not be the only one now. This is the third strike.

The third strike, you are out next April - i.e. I will be out of Vanguard after the tax season in April 2019.

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ECEPROF
Participant ○

Re: Question on Sale of PCI in 2018


@DocWu wrote:

ECeprof, I see you added some PCI in early January? Good move.


In August and September of this year, I bought some 13,100 shares of PCI at an average price of $24  (like a mini mutual fund). I trimmed to 12550 shares in early November. Most of these shares in our ROTH accounts, distributions are not taxable. Sometimes, I use the distributions to buy my other stock Vanguard ETFs or USMV - like balancing the portfolio. I am not planning to sell any but buy some more in January again, if price falls back. I have only five major securities in my portfolio now. But, out of 5, 80% of my portfolio are in PCI and USMV. I am really happy with this portfolio because of the low volatility and less draw-down.

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Anitya
Explorer ○○

Re: Question on Sale of PCI in 2018

Did you guys notice the big pop in NAV of the PIMCO multi CEFs on Friday?   What caused this?

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LeftBanker
Follower ○○○

Re: Question on Sale of PCI in 2018

Why not call the brokerage and ask for an explanation?


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DocWu
Explorer ○○○

Re: Question on Sale of PCI in 2018


@Anitya wrote:

Did you guys notice the big pop in NAV of the PIMCO multi CEFs on Friday?   What caused this?


You meant drop, not pop? It was Ex-div day for the Pimco CEF's paying a special dividend.

 

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ECEPROF
Participant ○

Re: Question on Sale of PCI in 2018


@DocWu wrote:

@Anitya wrote:

Did you guys notice the big pop in NAV of the PIMCO multi CEFs on Friday?   What caused this?


You meant drop, not pop? It was Ex-div day for the Pimco CEF's paying a special dividend.

 


Doc

I checked CEF Analyzer earlier. Both of you are correct for PCI.

CEF Analyzer shows the drop in the actual NAV but it also shows that the "adjusted NAV" is up. I do not know what this "adjusted NAV." Does anyone know what this means?

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