When preparing my 2019 federal tax return, I was up to the point where I input information from my 1099-DIV. As the screen shows a comparison of 2019 and 2019 dividends, I noticed that the 2018 dividends looked higher than I expected. I downloaded a version of my 2018 return and saw that the dividend line in Schedule B on the finalized return was duplicated, resulting in a dividend amount that was too high.
I then tried to amend my 2018 return. When I click "revisit" on the 1099-DIV section, it brings up a screen that says "Here's the dividend info we have so far." The dividend information listed there is actually correct, and I did not duplicate dividend income in this section.
I do not understand how this could have resulted in the finalized Schedule B being incorrect. I was taxed on too high a dividend number. When I called customer service, I was told I had to pay for Live Support for an extra $90.
Can anybody please advice?
To find out if 2018 needs to be amended, I recommend first verifying what was filed by going to the IRS link to Get Transcripts. This will verify what they have for your record of account.
Next, if you do have to amend, you will need to follow the directions in this link for amending 2018 tax returns. Keep in mind that you need the rules for 2018. The steps to do this will be:
- clicking amend my return
- downloading the 2018 program
- adjusting the dividends
- printing the return as prepared by TurboTax for you
- mailing the paper return (I suggest by certified mail) to both the federal and state
The returns should be processed in approximately 16 weeks.
Thanks so much for the response. I checked the transcripts, and the transcript match the document I see created in TurboTax. The issue I am running into, is that my Schedule B as prepared by TurboTax has 2 lines of dividends in it (which are for the same amount, but one says "Northwestern Mutual Investment Services" and one says "Northwestern Mutual"). When I try to amend the dividends in TurboTax, I only see the line that says "Northwestern Mutual Investment Services," and therefore cannot remove the duplicated line item.
Have you seen this issue before?
No, not specifically. However, I suspect that your dividends are carrying over from some other input, such as from a Form K-1, perhaps.
It is important to trigger the amendment before making any changes to the original filing, or you may experience unexpected results.