Turbotax is not accepting my data entry for divide...
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greg-k-diez
New Member

Turbotax is not accepting my data entry for dividennds from U.S. obligations ?

I entered the money amount of dividends from U.S. obligations and then continuedd and then it says needs review and the amount is not entered
3 Replies
MarilynG1
Expert Alumni

Turbotax is not accepting my data entry for dividennds from U.S. obligations ?

From Tax Expert BarbaraW22:

 

"Form 1099-DIV reports Noncash liquidation distributions in Box 10 and Exempt interest in Box 11

 

Tthe amount listed as "Exempt interest" in Box 11 of Form 1099-DIV would not be from U.S. Government obligations. Interest from U.S. government obligations are fully taxable on the federal return. The amount reported in Box 11 is not subject to federal income tax and is generally interest from municipal bonds. This amount would be reported in Box 2a of Form 1040. The amount in Box 11 may be subject to state income tax; however, depending on the state. 

 

The amount reported in Box 10 of Form 1099-DIV as Noncash liquidation distributions is generally a nontaxable return of capital. This amount is not reported on your tax return. Instead you adjust the basis of your stock by the amount reported.

 

If a percentage of your dividend reported on Form 1099-DIV is from US Government obligations, you would calculate the percentage of the amount reported to you in Box 1a and include this in the section "U.S. Government interest" in TurboTax."

 

Click this link for more info on How to Calculate your US Government Interest

 

 

 

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SteamTrain
Level 15

Turbotax is not accepting my data entry for dividennds from U.S. obligations ?

@MarilynG1 

 

NO...this is a BUG in the "Online" TTX software  (not in the desktop software.) for a 1099-DIV form

 

We're talking about the part of box 1a $$ that came from US Govt bonds !   The Online software does not accept/save the $$ entered on the follow-up page where you indicate what the $$ amount is....and treats it as an erroneous entry, even though it isn't....and the software wipes out whatever $$ you enter on that follow-up page.

 

Try it yourself in the Online software for a 1099-DIV form:

 

https://ttlc.intuit.com/community/taxes/discussion/re-why-does-turbotax-page-not-accept-the-value-i-...

 

 

*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
SteamTrain
Level 15

Turbotax is not accepting my data entry for dividennds from U.S. obligations ?

@greg-k-diez    An FAQ sign-up for that error:

 

https://ttlc.intuit.com/community/tax-topics/help/1099-div-with-exempt-interest-income-shows-needs-r...

________________________________

 

 

but a simple workaround for now:

 

go back and 

 

1) Edit the 1099-DIV in question

 

2)  On the page that shows boxes 1a, 1b and 2a....just click on the box to show all the other boxes ( you apparently don't need )  "My form has info in other boxes

 

3)  Scroll to the bottom of the page, and hit "Continue"

 

4) Next page make sure you have the "A portion of these dividends is U.S. Government interest" and hit "Continue"

 

5) Enter the US govt interest in the box provided and continue out to the 1099-DIV table.

 

should be OK now.......don't uncheck that box in step #2 or it will go away again.

*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
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