Consolidated 1099

Forum|Forum|4 years ago
March 26, 2022
1 reply
5 views

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

Level 7

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

Level 15

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.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"