Question

I am having issues reporting 1099-DIV. It says I owe taxes and isn't specific on the state to file.

Forum|Forum|3 years ago
March 5, 2023
1 reply
0 views

This is the first time I'm filing a 1099-DIV. My gains/loss section is all zeros in 1099-B. Something about the form doesn't seem correct.

TurboTax Deluxe Online

J

JamesG1

What are you seeing about the IRS form 1099-DIV that does not look correct?

In TurboTax Online enter IRS form 1099-DIV as follows:

Go to Federal / Wages & Income / Investments and Savings / Interest and Dividends / Dividends on 1099-DIV.
Click Start / Revisit to the right.

IRS form 1099-B is reported on IRS form 8949 / Schedule D Capital Gains and Losses.

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Do you have a paper copy of the 1099-B to compare and see reported differences?

In the online versions, you may view or print the forms at Tax Tools / Print Center / Print, save or preview this year's return after you have paid for the software.

@justin20732

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J

justin20732Author

Thanks for the response. My 1099-DIV doesn't specify the state so I'm not sure what to file with that. My 1099-B for doesn't show any gains/losses even though I think it should. I have dividends reinvested last year so it should show gains but doesn't. TurboTax was able to automatically pull in my 1099-DIV but right now it is saying I owe federal taxes which I don't think is correct.

M

mglauner

1099-Div income is taxed as state income in your Resident State. If you lived in different states during the year, allocate it to the state you lived in when you received it. If that applies, here's more info on Allocating Income as a Part-Year Resident.

If you reinvested dividends, you are paying tax via your 1099-Div, so your 1099-B may show no gain/loss. The dividends are added to the Cost Basis of your shares.

Here's more info on Dividends and Taxes and discussion on Reinvested Dividends.

@justin20732