I searched online. Looks like the dividend should be taxed at 20%. But not sure why Turbo tax is calculated at 40%.
Here are the details:
Before entering the dividend, the tax due reported by TT is A
After entering the dividend, the tax due reported by TT is B.
B-A=$14,400
My 1099- DIV:
Box 1a- Total Ordinary Dividends: $35,603
Box 1b- Qualified Dividends: $731.86
Box 5- Section 199A dividends: $29.66
So, 14,400/35603=40.45%
Can anyone help?
