Consolidated 1099

[kjnoble]

My husband and I both received a Consolidated 1099 form from Edwards Jones.  It includes 1099-INT and 1099-DIV for me and only 1099-DIV information for him.  When I enter the amounts into Turbo Tax, why is this raising the amount of tax OWED when this is not money that has been distributed to us?

[bosso3]

I suggest you contact Edward Jones for clarification regarding why this is taxable.

I suspect that the payments were made to your account, which apparently is not a tax-deferred account (Not an IRA or similar account).  Payments to such accounts are taxable regardless of whether you removed the funds from that account (just like interest payments to a taxable bank savings account are taxable, regardless of what you do with the funds.)

[JohnB5677]

You may not have received the funds in a brokerage account, but what was done with them.  Were the dividends and interest used to purchase additional shares of stock?  Was the money diverted to pay a loan or insurance fee?  It may be that you have "constructively" received the money, but it was used directly to purchase or pay for something else.

[kjnoble]

 Edwards Jones is checking to see if my forms are accurate.

[kjnoble]

You were correct.  Thank you very much!!