topic Re: What code do I put in Sch B part 2 code in Business & farm

What code do I put in Sch B part 2 code

fc4654 — Fri, 03 Apr 2020 17:04:47 GMT

Re: What code do I put in Sch B part 2 code

KathrynG3 — Fri, 03 Apr 2020 17:48:28 GMT

It depends. There is no code to enter for Schedule B on the federal return.

If you are referring to a question about your state return, there may be a code for New York state if there are zeros entered that do not need to be included.

Option 1: Follow these steps from TurboTax Employee Tax Expert DMarkM1 who wrote in the community:

Referring to NY Form IT-225. Part 2 deals with modifications to Partners, Shareholders, Beneficiaries. These modification codes are provided by the entity that sent you the income document (a K-1 for example).

1. In the New York interview, continue the NY return and get to the page titled "changes to federal income."

2. Scroll down to the bottom of the "other New York adjustments to federal income." (Delete any zeros entered in boxes that should be blank in all tabs.)

3. Update the "Partner, shareholder, beneficiary adjustments"

The next page is "additions" and the one after that will be "subtractions." You will probably find that there are numbers in one or more of the boxes there. Hopefully they will look familiar and you will know what document they come from.

You will need to find the source document and get the correct modification code to enter for each. If you need to see what the available codes look like, click on the applicable hyperlink "additions" or "subtractions" on the TurboTax pages.

Option 2: Delete Form-1099 DIV and re-add it.

To delete Form 1099-DIV:
- In TurboTax Online:
  - Option 1:
    - From the left menu, select Federal
    - Wages & Income
    - Scroll down to Interest & Dividends and click Show More
    - Dividends on 1099-DIV and click Revisit
    - Click the trash can icon next to the 1099-DIV you will re-enter
  - Option 2: Follow these steps to delete a form:
    - TurboTax Online
      - From the left menu, select Tax Tools > Tools
      - Tools
      - Delete a form
      - Click Delete next to the form you want to delete and follow the onscreen instructions.
      - Once you have finished deleting the desired form(s), click the Continue
- In TurboTax CD/Download:
  - Go into Forms Mode by clicking on the Forms icon in the top right of the blue bar.
  - In the Forms in My Return list on the left, click on Form(s) 1099-DIV to open and delete.
  - Click on the Delete Form box at the bottom of the open dividend screen.
  - To return to the interview, click on the Step-By-Step icon
To re-add Form 1099-DIV, go back to the Income section of your program.
- At Wages & Income, scroll down below all income and find Interest and Dividends.
- By Dividends on 1099-DIV, click Start/Revisit and re-enter the details for Form 1099-DIV

@fc4654

Re: What code do I put in Sch B part 2 code

KrallDuur — Sun, 06 Mar 2022 15:29:45 GMT

This is driving me nuts. No matter what I do, that error keeps appearing.

I had a very small dividend in 2021. I have deleted it, saved it, re-entered it, saved it, etc. multiple times

Please just give me a code or tell me what else I can do to make this go away.

Re: What code do I put in Sch B part 2 code

JohnB5677 — Sun, 06 Mar 2022 16:36:15 GMT

Please clarify your question.

If you delete your entry does the error go away?
Where are you seeing the error?
Is there any entry other than BOX 1 on your 1099-Div.
Why do you think you are looking for a "code".

Re: What code do I put in Sch B part 2 code

SweetieJean — Sun, 06 Mar 2022 17:30:48 GMT

See if this helps:

On NYS return: what is "Sch A Part 2 Code-1 must be entered." (intuit.com)

Re: What code do I put in Sch B part 2 code

Rochine72 — Mon, 20 Feb 2023 03:39:47 GMT

What code do I put in Sch B part 2?

Re: What code do I put in Sch B part 2 code

BrittanyS — Mon, 20 Feb 2023 14:16:38 GMT

The Schedule B Form, part 2, is the dividends section of your return. You will want to verify your dividend entries for your return. If you have entries pulled from a previous year's return, they may need to be deleted. To check this, you can follow these steps in TurboTax Online:

Click Wages and Income
Scroll to Investments and Savings, Click Start/Revisit on Dividends on 1099-DIV
Review Dividend entries; if they do not apply, you can select the trashcan icon and delete

@Rochine72