TurboTax Business - Enter dividends, interest, cap gains after end of calendar year

jtdc1 · ‎April 19, 2021

I am filing for an estate that is on a July-June fiscal year. How do I enter income information for the period after the end of the calendar year? I only see the option to create a 1099. Since there is no 1099, how do I enter the income? I thought about creating dummy 1099s but that does not seem right. Thanks.

DavidD66 · ‎April 19, 2021

Enter the income received after the end of the calendar year the same way you would if you had a 1099-DIV, 1099-INT, or 1099-B.

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jtdc1 · ‎April 19, 2021

Thanks for the reply. Mechanically, how does that work? If I go through the "Interview" questions, the only option I have is to create 1099s. One of the items of income is a personal loan made to a beneficiary so no 1099 has been or will be issued. The other items will have 1099s issued but not until next year. Where in TurboTax Business do I access the screen for entry? I really appreciate the specific program guidance you can offer.

DavidD66 · ‎April 26, 2021

You're not going to "create" 1099s" but you have to enter the information as if you were entering from a 1099. For example, for dividend:

Click on "Federal Taxes"
Click on "Income"
Click "Start" next to "Dividend Income on 1099-DIV"
On the next screen you will be asked "Any Taxable Dividend Income?" See screenshot below.
Note, you will also see on that page: "Enter all taxable dividends here even if they were not reported on a 1099-DIV"
Click on "Yes"
On the next screen enter your dividend information. See screenshot below

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TurboTax Business - Enter dividends, interest, cap gains after end of calendar year

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Get your taxes done using TurboTax

Get your taxes done using TurboTax