TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Level 1

Question

Distributions that Qualify for the 50% Federal Dividends Received Deductions

Forum|Forum|4 years ago
March 1, 2022
2 replies
47 views

Received a notice that 68.8% of dividends Qualify for the 50% Federal Dividends Received Deduction for Corporations. Where do I enter this on TurboTax.

Alumni - Intuit

The "Dividends Received Deduction" is a tax deduction received by a corporation on the dividends it receives by other corporations in which it has an ownership stake. It only applies to corporate tax returns. On a corporate return (Form 1120), it is a deduction from corporate taxable income.

The are entered on Form 1120, Schedule C (or the applicable schedule of your income tax return). For details regarding this deduction click the link.

IRS Publication 542

Line 1, Column (a) Enter dividends (except those received on certain debt-financed stock acquired after July 18, 1984—see section 246A) that are:

• Received from less-than-20%-owned domestic corporations subject to income tax, and

• Qualified for the 50% deduction under section 243(a)(1)

IRS Instructions Form 1120 (page 17)

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

Level 15

if this is for your personal return, ignore it.

Mike9241