Question

Do I deduct from my 1099-DIV from Edward Jones, the total income from exempt governmental obligations owned by me indirectly?

Forum|Forum|6 years ago
February 5, 2020
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TurboTax Deluxe Online

SteamTrain

Employee

You don't change the 1099-DIV entry itself, you let the software do it.

First, even if you import the 1099-DIV, you need to do a followup "edit" for the DIV form.

Just check all the values on the main form page, but on a page following the main form there is one with a series of check boxes....you check the one "A portion of these dividends is U.S. Government interest."

Then you enter the amount on one of the next pages ....You have to calculate the proper amount yourself, and it must be less than, or equal to box 1a.....no higher.

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