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j g
Level 1

Royalty Trust: 1099 reporting a dividend to IRS. Seems there's a Turbo software mistake:

In snippet, error check:

 

I bought 52 shares MVO (MV Oil Trust) in Dec. 2015, holding ever since. Never sold a share to date.

 

In the snippet, error check for taxes for year 2020, it's asking for a cost basis. The software should know this is a dividend. Cost basis cannot be involved. Why is this like this?MVO 2nd quart TTforumuploa.JPG

2 Replies
MarilynG1
Expert Alumni

Royalty Trust: 1099 reporting a dividend to IRS. Seems there's a Turbo software mistake:

This screen seems to indicate a 1099-B entry for a Stock Sale.

 

You are correct that you are not asked for Cost Basis for a 1099-DIV entry.

 

Click this link for info on How to Enter a 1099-DIV

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j g
Level 1

Royalty Trust: 1099 reporting a dividend to IRS. Seems there's a Turbo software mistake:

MarilynG1 said:

 

"You are correct that you are not asked for Cost Basis for a 1099-DIV entry."

 

We ARE being asked for a Cost Basis - and it's Turbo software outstandingly doing this. Now, IF

I've this correctly in sight - that this is a div - I've sold no shares, can't be other - WHY is Turbo handling this as this? You're an expert. Is there a glitch? CAN the software be re-configured to handle these correctly, especially?

 

Especially, too, if you're an expert, detail the how's and why's of why it's currently working as we see - IF the argument goes it's supposed to be that way. Other than that, for the sake of reality, it'd be nice for Turbo to acknowledge a glitch, if this, so people can cautiously detour when they approach this road-washed out.

 

 

 

 

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