topic Re: ERRORS in Get your taxes done using TurboTax

ERRORS

LE5 — Sun, 02 Feb 2020 06:34:07 GMT

DURING THE FINAL CHECK WHY DOES TURBO TAX MAKE IT SO HARD TO FIND WERE AN ERROR WAS MADE?

Re: ERRORS

BSL63 — Thu, 27 Feb 2020 20:13:48 GMT

Turbo Tax requires a Payers Federal ID number in order to enter the dividend amount. America Movil and Walmart DeMexico are Mexican companies and do not have the required Federal ID Nmber. The Turbo system does not accept dividends from these companies. How do I ger around this problem?

Re: ERRORS

LinaJ2020 — Fri, 28 Feb 2020 23:31:08 GMT

You can report them under Other Income to e-file. Here are the steps:

In TurboTax online,

Sign in to your account, select Pick up where you left off
To the right upper corner, in the search box, type in "other reportable income" and Enter
Select Jump to other reportable income
Next screen, Other Wages Received, select No to continue
Next screen, scroll down all the way to the bottom, under Other reportable income, select Start
Next screen, Any Other Taxable Income? select Yes to continue
Enter a description and the amount.

Without a Form 1099, if you have paid any foreign taxes on the amount, you will still be able to claim a foreign tax credit on the income. Here are the steps:

In TurboTax online,

Open up your TurboTax account and select Pick up where you left off
At the right upper corner, in the search box, type in "foreign tax credit" and Enter
Select Jump to foreign tax credit
Follow prompts
On-screen, Tell Us About Your Foreign Taxes, select None of these apply and Continue
Follow prompts
On-screen, Choose the Income Type, check Passive Income
Follow prompts
On-screen, Other Gross Income-Foreign country, enter description and amount
Follow prompts,
On-screen, Foreign Taxes Paid-foreign country
Under Foreign Taxes on Other Income, enter the amount
See the images below

@BSL63

Re: ERRORS

RsquaredH — Wed, 14 Apr 2021 19:59:13 GMT

By entering the income this way the dividend amount is taxed at a higher rate. The only alternative is to mail in the return.

Re: ERRORS

ThomasM125 — Wed, 14 Apr 2021 21:10:25 GMT

It is true that an ordinary dividend may get capital gain treatment under certain circumstances, so you may need to enter the dividend as such. Unfortunately, it is the IRS that requires you to enter the ID number, presumably so they can match it to the copy they receive.

You are correct, then, you will need to mail in your return.