topic Re: 1099 div in Get your taxes done using TurboTax

1099 div

scottashelton — Mon, 02 Mar 2020 01:22:13 GMT

how do i report 1099 div to irs when it is on someone elses tax id

Re: 1099 div

VolvoGirl — Mon, 02 Mar 2020 01:39:23 GMT

Sound like you are asking about nominee interest.

Here's how to split the 1099Div for Nominee Interest. Enter a 1099-Div under

Federal Taxes tab

Wages & Income

Interest and Dividends

Dividends on 1099-DIV- Click the Start or Update button

Whoever's ssn is on the 1099 enters the whole amount on their return. Then at the bottom of the entry screen, pick the second one "I need to adjust the amount."

Then on the next page fill in the amount as a POSITIVE number and pick the first reason "I received all or part of these dividends for someone else".

Then on the other person's return you enter it as a 1099-Div and put the amounts in the boxes..

Re: 1099 div

Hal_Al — Mon, 02 Mar 2020 01:41:02 GMT

You don't need an actual IRS form to report your income. Enter at the 1099-DIV screen, in TT, using your own records.

The harder question is: what does the person with his tax ID on the 1099-Div do to avoid an IRS inquiry for unreported income. He reports the income on Schedule B than takes a "nominee" deduction on Sch B. The TurboTax interview can handle this. Note the follow up screen after entering info at the 1099-Div screen "Tell us if any of these uncommon situations apply to you". The use selects "I need to adjust these dividends".

Re: 1099 div

scottashelton — Mon, 02 Mar 2020 02:21:50 GMT

The tax ID was for my mother who died in 2018 and I filed for 1310. Now I have another 1099 div for her that was earned after her death. The tax is in fact mine and the investment firm will not change the tax id to me.

Re: 1099 div

scottashelton — Tue, 03 Mar 2020 18:33:36 GMT

The tax ID was for my mother who died in 2018 and I filed form 1310. Now I have another 1099 div for her that was earned after her death in 2019 . The tax is in fact mine and the investment firm will not change the tax id to me. I tried to start a new tax return for my mother in 2019, but it asked for a date of death in 2019. So I can't move forward unless I change the date. Any suggestions on how to proceed? It feels like I need to fix something on her end and add it to my return.

Re: 1099 div

DeanM15 — Tue, 03 Mar 2020 19:07:34 GMT

Because you received the money, you need to declare the money on your return. Hopefully, you have solved the issue of future 1099-DIVs with the broker.

Enter the 1099-DIV as if it was yours. If your mother's 1099-DIV is less than the filing requirement for 2019, odds are you will not hear from the IRS.

Re: 1099 div

Hal_Al — Tue, 03 Mar 2020 19:16:28 GMT

Just put it on your return. Enter at the 1099-Div screen.

See; https://ttlc.intuit.com/community/after-you-file/discussion/what-to-do-with-a-2016-w2-for-a-taxpayer-that-died-in-2015-and-already-had-his-final-1040-filed-with/01/678768#M133164

Re: 1099 div

dudgeonja — Mon, 15 Feb 2021 15:12:11 GMT

I received a 1099-DIV from my Broker, however, I never received any money. Do I have to report this?

Re: 1099 div

DMarkM1 — Mon, 15 Feb 2021 15:22:04 GMT

You need to contact the issuer of the 1099-DIV and get it corrected. The IRS received the same form so they will be looking for this income on your tax return to reconcile in their records.

Re: 1099 div

Hal_Al — Mon, 15 Feb 2021 15:23:25 GMT

Yes. You did receive the money. It was credited to your account, most likely in the form of additional shares.

Re: 1099 div

dudgeonja — Mon, 15 Feb 2021 15:28:29 GMT

I received 2 different answers, one yes and one no. Who is right? Thank you

Re: 1099 div

Hal_Al — Mon, 15 Feb 2021 15:48:11 GMT

They're both "right" depending on the details.

One answer assumes you got an erroneous 1099-Div. The other assumes you just don't understand how re-invested dividends work. Statistically, it's "the other".

Re: 1099 div

VolvoGirl — Mon, 15 Feb 2021 17:17:32 GMT

@dudgeonja The dividends probably stayed in the account and bought more shares for you. Check your account statements. Ask your broker or bank if the dividends are being reinvested or where they went. If they buy more shares then when you sell the shares that is your cost so you won't pay tax on the cost again. It's just like if they sent you a check for the Dividend and then you sent it right back to buy more shares.