I have no reported interest on 1099-INT forms and therefore have entered zero, but my Personal income section shows reported income under "Interest on 1099-INT". I cannot see where that is coming from. Could it be from 1099-DIV?
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If you downloaded any forms from a financial institution they may have a 1099-INT included as a summary form. Dividends should only be reported on 1099-DIV... although sometimes interest from a Credit Union will be titled as Dividends. For tax purposes dividend payments on deposit or share accounts in credit unions must be reported as interest income, according to the IRS.
In order to see where the interest was entered you can go to the forms mode in TurboTax and view your 1099-INT statements. This will indicate where the interest is coming from.
To switch to Forms Mode, open your return and click the Forms icon in the upper-right corner of your screen (or choose Forms from the View menu at top).
The 1040 Worksheet will display and all the forms in your return will be listed on the left side. Simply select a form to open it.
To switch back to the interview, click the Step-by-Step icon in the upper right corner, or choose it from the View menu.
If you downloaded any forms from a financial institution they may have a 1099-INT included as a summary form. Dividends should only be reported on 1099-DIV... although sometimes interest from a Credit Union will be titled as Dividends. For tax purposes dividend payments on deposit or share accounts in credit unions must be reported as interest income, according to the IRS.
In order to see where the interest was entered you can go to the forms mode in TurboTax and view your 1099-INT statements. This will indicate where the interest is coming from.
To switch to Forms Mode, open your return and click the Forms icon in the upper-right corner of your screen (or choose Forms from the View menu at top).
The 1040 Worksheet will display and all the forms in your return will be listed on the left side. Simply select a form to open it.
To switch back to the interview, click the Step-by-Step icon in the upper right corner, or choose it from the View menu.
My return has been accepted but I need to amend because I forgot to include a new investment account I opened mid-year. I have not taken any distributions out of the account. Is my tax liability based on the value added to the original purchase value (dividends and interest has remained in the account) or on the total value of the account?
You are taxed only on the added income (interest/dividends). The original principal you invested was already taxed before you put it in. You should receive a form 1099 that shows the taxable amounts in box 1. You will enter that form information into TurboTax each year.
Hello, in 2020 i did some stocks trading. I got forms 1099-B from broker.. it shows -negative number. where to put this if I am filing my personal taxes soon for 2020? Also, i see 1099-Div form (has $0) and 1099 misc. has $0 too. help.. do i need to put these in to my taxes?
If a section has zero income and no activity to report simply skip those unneeded sections however the stock sales must be reported no matter what the bottom line is on the sales ... in the income section look for the investments section ... form 1099-B.
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