Question
Investment statement showing Misc - Income
My clients Tax reporting statement for investments included form 1099-MISC for Other Income.
On the detail page for other income it stated at the bottom that National Financial Services is required to report this amount to the client and the IRS. "For tax-reporting purposes, NFS is the payer for a number of broker-dealers."
I cannot get a response from the financial advisor for my questions if this is income to be reported on my clients tax return. Or is this what NFS paid out to broker-dealers and would be my clients additional deductible management fee on Schedule A.
Thank you for your response.
