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Strategies & Market Trends : Value Investing
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From: E_K_S2/19/2023 5:48:26 PM
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RE: BGS 2022 - Return Of Capital

For those doing taxes for 2022, be aware that all of the dividends paid by BGS is ROC and are not Qualified Dividends. You can wait for your broker to eventually adjust your 1099 (usually by June of the next year, or adjust yourself from their Form 8937).

Here is the link from the BGS Web Site for Form 8937 for 2022

In the past I never adjusted my dividend income from BGS as it was not that large and just paid the tax at the qualified dividend rate (ie 20%). However for Tax Year 2022; ALL their dividends $1.90/share is Return Of Capital. ROC s/d not be taxed as a dividend but reduces your cost basis.

From what I can tell, my broker provides an adjusted 1099 for ROC but it takes them June of the next year. I also, see that my cost basis was NEVER adjusted by my Broker.
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I use Turbo Tax and can make a manual adjustment to my Broker's 1099 to reflect the "Non Dividend" distributions and reduce the 'Qualified Dividends". According to my Broker's statement, this information is not supplied to the IRS.

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I am not a tax advisor or tax expert, but that is how I plan to adjust the BGS dividend distributions this year. I can support the adjustment from the Form 8937 supplied by the company for FY2022.

Here is the Letter that BGS provided to it's shareholders for FY2022
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