New portfolio feature with cash positions is missing a CRITICAL feature.
I like the Portfolio BETA from yesterday which introduces cash positions to Yahoo Portfolio. Automatically adding dividends has a big error though. I need to be able to set the withholding tax rate to dividends. I live in the country where we are taxed 15% on dividend income automatically in broker account, so if a company ABC pays a quaterly dividend of $1, I actually receive to my account $.85 . Please add this feature where I can set a withholding tax rate otherwise all the cash idea (a GREAT idea) is useless.
Peter H
shared this idea
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Guido Cappuccilli
commented
I support this request.
I have reported a somewhat related feature request.
To me it would be already a good starting point to have the option to completely disable the automatic handling of dividends and track it manually on cash balances (including withholding taxes).
For me the motivation is also the lack of automatic dividends handling for some of my etfs, which forces me to manually handle dividends anyway -
Juha Salonen
commented
Reviewing a bit more closely ... I tend to think that the wrong cash figures are wrong more than just by the tax percent.
There seems to be months where the Beta version shows more cash accumulation than the total sum of dividends! If the error was in the tax effect only, then the deviation in cash would be around 15%...30% depending on the tax agreement clauses.
But now there are cash deviations that are about 100% or even more. So it's clearly not only the tax effect that makes the cash figures so untrustworthy.
I'm sure that a software bug of this magnitude could not exist without anyone noticing, if it was the same for all users. Surely the majority of users must be quite happy with the cash figures reflecting dividend accumulation. But could it be so that there's something wrong with cash/dividend calculation with only those users that are not US citizens and have different currencies in their portfolios?
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Juha Salonen
commented
Greetings form Finland, Europe! I have several real portfolios under monitoring in Yahoo where I can check the current total situation easily with one glance. Without Yahoo, I would have to log in to several systems to check each portfolio separately.
But anyway, I have to log into various service providers' systems every now and then, so that I can see the current cash positions (which grow all the time because of dividends). After checking each portfolio, I will update the cash amounts to Yahoo so that the total sum really reflects reality.
Without checking cash amounts of each portfolio frequently, my Yahoo portfolios would lag behind and the total situation would show figures that are too pessimistic (because of the cash from missing dividends).
Now I have created Beta versions of all my Yahoo portfolios. The cash from dividends keeps growing and my new Beta portfolios can take that into account nicely. But nevertheless, I have to log in to each service providers' system to check the real cash situation after dividends and their taxes. Because Beta portfolios do not reflect tax effects and therefore the total situation seems too optimistic.
Which is the better total view, too pessimistic or too optimistic ... I'll still stay with the old portfolios and keep the Beta portfolios waiting for some kind of a tax pecentage improvement.
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Yvonne Zimmermann
commented
I totally support this request. Here in Belgium, dividends undergo foreign taxes, Belgian taxes, and bank fees. In some cases the net cash amount is very, very different from the gross amount.
My worst case:
Zoetis, $0.375 dividend,
- 15 shares -> $5.63 gross cash
- foreign taxes 15 % -> $4.79 remaining
- Belgian taxes 30 % -> $3.35 remaining
- bank fees @ Belfius $3.26 -> $0.09 net cash -
Dzianis Frydliand
commented
I agree with proposal, it is also actual for me. Basically, most of the people outside of U.S. will face similar issue based on local tax laws for capital gains, W-8BEN form status, etc.
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Alejandro Iván
commented
I agree with this. The withholding tax of 30% (which I do not get back because I live in another country) is a must for having a correct accounting for real dividend incomes. I just got paid a dividend which is supposed to be 6.41 USD, but I only get 4.49 USD because of the withholding tax, without being able to track it automatically.
Not to mention that this is separate from the actual taxes applied in my particular country for those 4.49 USD.