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Romper
Level 4

Can I enter the sum of 1099-DIV statements in TurboTax?

My Vanguard 1099-DIV itemizes numerous ordinary and qualified dividends for the year. Rather than enter the sum of each source, can I simply enter the total for the account?

Vanguard states the following. Can anyone identify the source or accuracy?
If the total of all ordinary dividends (Box 1a) received from all your taxable
investments is more than $1,500, you must list each ordinary dividend
income source on Schedule B of Form 1040.
1 Best answer

Accepted Solutions
LeeM
New Member

Can I enter the sum of 1099-DIV statements in TurboTax?

Yes, you can enter the total of the ordinary and qualified dividends for the year on your Schedule B. You can reference page 2 of the IRS Schedule B instructions below.

The $1,500 limit you are referring to requires that you in have more than $1,500 in interest/dividend income then you must report whether or not you had any foreign accounts.You will be asked that question later in TurboTax.

https://www.irs.gov/pub/irs-pdf/f1040sb.pdf

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8 Replies
LeeM
New Member

Can I enter the sum of 1099-DIV statements in TurboTax?

Yes, you can enter the total of the ordinary and qualified dividends for the year on your Schedule B. You can reference page 2 of the IRS Schedule B instructions below.

The $1,500 limit you are referring to requires that you in have more than $1,500 in interest/dividend income then you must report whether or not you had any foreign accounts.You will be asked that question later in TurboTax.

https://www.irs.gov/pub/irs-pdf/f1040sb.pdf

Romper
Level 4

Can I enter the sum of 1099-DIV statements in TurboTax?

Thankyou for responding. It only makes sense to enter the sum but the instructions are vague. I.e. Instructions for Part II, Line 5 states "Report on line 5 ALL of your ordinary dividends". I'm going to assume ALL as the sum.
BobB7
New Member

Can I enter the sum of 1099-DIV statements in TurboTax?

The IRS wants to be able to match up what you file to the 1099-DIVs you receive.  The 1099-DIV fro Vanguard will only have the totals shown on the front page of what you got from  Vanguard (the totals).
Romper
Level 4

Can I enter the sum of 1099-DIV statements in TurboTax?

You are correct, the first page has the totals. I was making it too complex.
BobB7
New Member

Can I enter the sum of 1099-DIV statements in TurboTax?

The dividend income source is "Vanguard".  If another broker or a mutual fund sent you a separate 1099-DIV then you would enter that broker or fund as another source.

Romper
Level 4

Can I enter the sum of 1099-DIV statements in TurboTax?

Thankyou for responding but the question related to entering the SUM for EACH SOURCE vs. itemizing.
BobB7
New Member

Can I enter the sum of 1099-DIV statements in TurboTax?

You would enter AS "VANGUARD"  just the sums shown on the 1099-DIV.  NOT the detailed break out they provide for your benefit.  The instructions you cited is for when you get more than one 1099-R.
Romper
Level 4

Can I enter the sum of 1099-DIV statements in TurboTax?

Thankyou, I'm entering the sum as you suggest.
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