I purchased EPD on 10/28/2020. EPD is a MLP and have quarterly cash distribution to partners or unit holders. This should have been categorized into K-1 statement, not 1099-DIV statement when reporting tax. Because it is NOT a dividend. Alpaca failed to report my transaction to EPD and hence I neverr received K-1 like my other trading accounts in other brokerage. In addition, Alpaca put this cash distribution as 1099-DIV, which means I have to pay dividend tax on those. It just shows that they totally lack the necessariy basic tax knowledge when it comes to stock trading. Not trustworthy!
@Albert You are correct, the distribution from EPD was mis-categorized by our previous clearing firm as a dividend and not a distribution. They have updated the 1099-DIV and you should have received a copy in your email. The K1 should have been previously sent out directly from EPD. If you haven’t gotten the updated 1099-DIV or have further questions, please contact the Alpaca support team at support@alpaca.markets. They will be able to help with any account specific issues.