Investment statement showing Misc - Income

[Christine384]

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.

[PhoebeRoberts]

It's income to your guy. IMHO most of the stuff brokers report there is also subject to NIIT, so if that applies, you should make additional entries in Screen 45.3

National Financial Services is the payor of record for multiple broker-dealers who gave your client taxable income. Same as they're the payor of record for multiple corporations who gave your client taxable dividends.

[Christine384]

Thank you for your response.  Truly appreciated.