Turbo Tax Business - 1099

Forum|Forum|3 years ago
February 24, 2023
2 replies
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I am new to Turbo Tax Business, where to enter the following 1099 data?

2022 1099-INT
Box 1 Interest income

2022 1099-DIV
Box 1a Total ordinary dividends
Box 1b Qualified dividends
Box 7 Foreign tax paid

TurboTax Business Windows

Best answer by JulieS

You can enter Forms 1099-INT and 1099-DIV in TurboTax Business under the Income section.

This is how to do that:

Open your return and select the Federal Taxes tab.
Select Income from the second row of tabs.
Under Investment income, find Interest and Dividend income, click Start or Update to the right.
You can enter your totals for Box 1 Interest income, Box 1a Total ordinary dividends and Box 1b Qualified dividends here. If you have more than one 1099 for the same type of income, you need to add the amounts up.
For the foreign taxes, select Other from the second set of tabs.
Continue until you get the the screen, Any Foreign Tax?
Click Continue and enter the amount on the next screen.

Anonymous_

Employee

Which type of return are you preparing (e.g., 1065, 1041, 1120-S, 1120)?

kgraghuAuthor

Thanks, 1065

AliciaP1

The steps posted by @JulieS are correct for your Form 1065 entry.

@kgraghu

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JulieSAnswer

You can enter Forms 1099-INT and 1099-DIV in TurboTax Business under the Income section.

This is how to do that:

Open your return and select the Federal Taxes tab.
Select Income from the second row of tabs.
Under Investment income, find Interest and Dividend income, click Start or Update to the right.
You can enter your totals for Box 1 Interest income, Box 1a Total ordinary dividends and Box 1b Qualified dividends here. If you have more than one 1099 for the same type of income, you need to add the amounts up.
For the foreign taxes, select Other from the second set of tabs.
Continue until you get the the screen, Any Foreign Tax?
Click Continue and enter the amount on the next screen.

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kgraghuAuthor

Thank you!

I got 1099 from both bank and brokerage firm. Since my business is hedge fund incubator, do I need to handle brokerage 1099 differently? or Can I combine bank amount (INT) and brokerage amount (INT+DICV+MISC) and enter in Investment Income/Interest and Dividend Income field?

1. Bank 1099-INT Box 1 Interest Income

2. Brokerage 1099-INT Box 1 Interest Income

3. Brokerage 1099-DIV 1b Qualified Income

4. Brokerage 1099-Misc 8 Substitute payments in lieu of dividends or interest

AliciaP1

The brokerage amounts need to be entered as interest, dividends, and Other Income. The Interest from the bank and the brokerage can be added together and reported as one amount.

To report your 1099-MISC box 8 information in TurboTax Business you can follow these steps:

Within your return under the Federal Taxes tab and Income scroll down to the Other Income section and click Start for All other income
You can note for yourself the form and box number under the Description and enter the amount

@kgraghu

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