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J
jwong555
March 3, 2022
Question

How should ordinary dividends be reported? a) The sum of all ordinary dividends or b) The sum of all ordinary dividends minus the sum of all qualified dividends?

  • March 3, 2022
  • 1 reply
  • 0 views
Turbo tax is adding the total ordinary dividends to income as opposed to the result of (total ordinary - total qualified)

1 reply

SteamTrain
SteamTrain
Employee
March 3, 2022

@jwong555 

 

Ordinary dividends is everything including the Qualified dividends. 

Yes...poor choice of wording by the IRS.

___________________

Yes, the "Ordinary" total is fully included in your AGI,

.....BUT, the sub-part that are also "qualified" (box 1b on the 1099-DIV) will be used differently to calculate the taxes on them.  That's handled automatically by the software.

 

 

 

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
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