Where do I post withholding by broker from dividend proceeds?

Forum|Forum|7 years ago
June 7, 2019
9 replies
1 view

my Schwab withheld substantial funds from dividends accrued; where can I post the list of funds withheld by the broker

TurboTax Self Employed Online

Best answer by TomYoung

Schwab provides considerable detail - a security by security listing - of dividends paid for the year but there's no need to enter that detail. All you need to enter is the summary "Box 4" number that's on the "Tax Year 2018 Form 1099 Composite" - "Dividends and Distributions -- 2018" page. This holds true for all the information on that page - only enter the summary numbers into your income tax return.

Tom Young

VolvoGirl

Level 15

Please explain more. Do you mean they took out federal tax withholding? When you enter the 1099Div, You have to click on the little box that says
My form has info on more than just these boxes (this is uncommon)
Then more boxes will open up on the screen.
I have a screen shot if you want.

DINOKATRINOAuthor

Level 2

thank you VolvoGirl; I cannot find to post separate amounts for each withholding; there are dozens

VolvoGirl

Level 15

You just enter each 1099Div. Federal withholding is in box 4. Maybe we are talking about different things?

DINOKATRINOAuthor

Level 2

thank you again, it it ok to enter the total amount of withholding with out citing each stock and each month?

VolvoGirl

Level 15

Exactly what kind of withholding are you talking about? Actual IRS taxes? It's uncommon to have withholding on dividends unless you are subject to backup tax withholding. You don't enter each stock etc. You only enter the total withholding listed on the 1099Div in box 4. Did you get a consolidated 1099 from the broker? You don't enter each dividend. You need to enter each section in the right place. So read it carefully and look for headings…1099-Int for interest or 1099-Div for Dividends and 1099B for sales.

DINOKATRINOAuthor

Level 2

I added wife to an account at Schwab and tipped the lady to take care of paperwork. I just signed and did not notice She had checked the withholding box, darn it. It was not checked on my original application. I did not discover for several months. Now I have thousands of dollars being held by IRS - I assume that I just enter the total and wait to see if IRS want me to document?

VolvoGirl

Level 15

Ok. Like I said that should be on your 1099Div form box 4. You just enter the grand totals for the 1099 Div.

OR do you have a lot of sales? Then you need to enter it on each one. Or you can enter the total. My old notes say....To enter withholding on a 1099B click on I'll enter additional info at the bottom.

Or Enter withholding on forms (like a 1099B) other than a W2 or 1099R under
Federal Taxes (or Personal for H&B)
Deductions and Credits
Then scroll way down to Estimates and Other Taxes Paid
Other Income Taxes - Click the Start or Update button

Next page scroll down to bottom section Other Income Taxes Paid
Click Start or Update by Withholding not already entered on a W-2 or 1099