topic two 1099-DIV forms from different issuers that have different income data for same investment in Get your taxes done using TurboTax

two 1099-DIV forms from different issuers that have different income data for same investment

starfisht — Sun, 14 Mar 2021 01:19:07 GMT

I received two 1099-DIVs from two different issuers with different data. The first came directly from the payer. All of the income is characterized as non-dividend distributions. The second came from my broker which holds the account. This one has the same income but it's divided between non-dividend distributions and ordinary dividends.

I assume that both were sent to the IRS. What happens when the IRS receives two forms for the same account?

In looking at the history of the distributions for 2020 on my brokerage website, my guess is that the broker's 1099 is correct but of course I'm not sure. What would be the best way to resolve this?

Re: two 1099-DIV forms from different issuers that have different income data for same investment

npierson7 — Sun, 14 Mar 2021 01:29:30 GMT

It happens often, payers issue forms 1099 and later correct them and send slightly different forms again. If you don't pay a close attention to the forms, it is easy to make a mistake and enter the same amount twice as an income. Most likely, the second form from your broker is the correct one. However I would advice you to contact your broker to make sure before filing your tax return.

I have same 1099-div from 2 different brokerd

Stevel_tax — Fri, 24 Feb 2023 01:03:09 GMT

I had Prudential shares managed by Computershare and I moved them to my Schwab broker in 2022. In January 2023 I received a 1099-div from both brokers for a dividend of $248.00. Which should I report to the IRS in my taxes? If I report both of them, will I be taxed twice? If I only report one of them will this cause an issue with the IRS? I did not sell any shares, I only moved my prudential shares to another broker.

Re: I have same 1099-div from 2 different brokerd

PattiF — Fri, 24 Feb 2023 01:13:14 GMT

You should file your return with the 1099-DIV that you received from Schwab. Then you should request that Computershare issue a corrected 1099-DIV.

This may not cause an issue with the IRS. Keep your records of the transfer from Computershare to Schwab if the IRS does contact you to ask about the income.

@Stevel_tax

Re: I have same 1099-div from 2 different brokerd

Stevel_tax — Fri, 24 Feb 2023 01:58:38 GMT

Thank you for the advise. I will ask Computershare to do a correction as you suggested.

Just a fyi, earlier today I called computershare and told them about this situation. The representative said they do not give tax advice and I should ask my tax person. I told him that I am my own tax person.

I will call Computershare again tomorrow and hopefully they will be able to help me.