To enter this in TurboTax so that you are only entering the PFD dividends as taxable income, follow these steps:
You would report the form 1099-Misc in the Income and Expenses section of TurboTax, then Other Income, then Income from form 1099-MISC. Report the entire amount shown in Box 3.
The offset entry would be as follows:
Go to the Income and Expenses section of TurboTax
- Choose Less Common Income
- Choose Miscellaneous Income, 1099-A, 1099-C
- Choose Other reportable Income
- Enter a description and the amount of your offset as a negative number (Energy rebate, -$622)
The 1099-MISC will be entered correctly and the amount that isn't taxable will be deducted.
If necessary, TurboTax will address this in a future update.
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