topic Re: TT 1099 Div in Get your taxes done using TurboTax

TT 1099 Div

Ssmmgg — Thu, 20 Feb 2020 23:20:36 GMT

1099 Div with box 9 amount( Liquited distribution)and TT deluxe says we will come back to it but does no go back or take any action. Called TT and they indicted that I need to upgrade to TT premium. Did upgrade as directed ($30 plus taxes)

And still the same message as TT deluxe. Looks like I was asked to upgrade without any results. What is wrong with TT ? They should not have asked me to upgrade. Amount on line 9 is less than basis so I have a long term capital loss. ( Recd 1099 Div and not any 1099 B) Using TT for last fifteen years and was not expecting this

Re: TT 1099 Div

dmac24 — Thu, 20 Feb 2020 23:26:16 GMT

Have you tried going to the forms view and entering your numbers manually?

Re: TT 1099 Div

Ssmmgg — Sat, 22 Feb 2020 13:23:58 GMT

No luck. Have tried that. Seems like something is missing in the software

Re: TT 1099 Div

ColeenD3 — Sat, 22 Feb 2020 16:21:14 GMT

There is a box you can click to open up other more uncommon boxes.

Re: TT 1099 Div

Ssmmgg — Sun, 23 Feb 2020 21:56:42 GMT

Question was that after you enter the amount on line 9 on 1099DIV TT informs that we will handle your cash distribution later. The “later”never comes

Re: TT 1099 Div

ColeenD3 — Sun, 23 Feb 2020 22:45:46 GMT

You need to go to the Investment section. The last screen of the 1099-DIV states:

"We'll handle your cash liquidation distributions from this payer later"

"Just remember to go to the Investment Income section under Income & Expenses"

When a corporation, bank, or credit union undergoes a partial or complete liquidation, you may get a liquidation distribution. Oftentimes, this distribution is not taxable; instead, it reduces the basis of any stock you own.

However, in the following cases, the distribution is taxable, which means you'll need to report it as a liquidation sale when you report your investment income:

Your cost basis in the stock is zero or less than the distribution amount; or
This liquidation is a final distribution from the company.

If the liquidation results in the cancellation of stock, and the total distribution ends up being less than your basis, you can claim a loss in the year the final distribution is received.

When you sell the stock, your cost basis will be reduced by any distributions you received.