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February 20, 2023
Question

1099-div income issue with Turbo Tax Windows CD?

  • February 20, 2023
  • 1 reply
  • 0 views

Total income of about $20K.  $350 worth of dividend income entered and federal return drops from approx $1200 to $850.  That would be 100% taxes on the dividend.  Seems like it can't be correct.  Thoughts?

    1 reply

    February 20, 2023

    When a significant change in your bottom line refund/balance due happens by entering a seemingly insignificant income item, it most likely changed your qualifications for a credit that was adding to your refund, in addition to increasing your taxable income.  

     

    Try taking a look at your actual Form 1040 to see if you can determine what else changed on your return when you included the dividend income.  Look at lines 16 through 33 for changes.  Also, verify that your Form 1099-DIV was entered accurately.

     

    To preview your Form 1040 using TurboTax Online, use the following steps while working in your tax return:

     

    • In the navigation area on the left side of your screen, click Tax Tools to expand your choices
    • Click Tools, which will open the Tool Center
    • Click View Tax Summary under “Other Helpful Links…
    • Click  Preview My 1040 to see your actual tax form

     

    If you are using one of the CD/downloaded versions of TurboTax, click the Forms button in the upper right corner of the screen to go to Forms Mode where you can view Form 1040 or any other form that is included as part of your return.  Once you are in Forms Mode, click the form name in the list on the left side of the screen.

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