JosephS1
Expert Alumni

Get your taxes done using TurboTax

Without going to great lengths to have corrected forms sent to you, there is an easier way to both list the dividends received in total and at the same time have one be excluded from your total income calculation.  You can list the dividends received from the broker as "Nominee" dividends and the steps below should assist you in that regard:

  1. In TurboTax, go to "Wages & Income"
  2. Scroll to "Investments and Savings"
  3. Click "Edit/Add."  for the particular dividends to which this applies
  4. The next screen will ask if any uncommon situations apply, checkmark "I need to adjust" and click "I need to adjust these dividends".
  5. Place the amount of the dividends that appears on both forms in the adjustment amount line and click "you received all or part for someone else".
  6. Click continue and the portion of the dividends that applies to your doubled amount should be deducted from your income.

 

 

 

I suggest using the broker 1099-DIV rather than the K-1 amount as it is easier to adjust and easier to have it apply to a specific document rather than one that includes other information.  

 

@JimB 

 

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