consolidated 1099

[AlLou]

The 1st page of my consolidated 1099 has reporting amounts by line item and is correct. I have 21/2 pages of individual funds listed without 1099 corresponding reporting boxes. 2 questions.

1. Must I report each individual fund on 1099B if I have used the totals on page 1 of form 1099?

2. If so, what information do I use in what line. I have breakdowns but they do not have corresponding line #s.

[SteamTrain]

Your #1 applies.  You only use the total 1099-B, -DIV, -INT (and sometimes -OID) forms.

The detail pages are sometimes helpful for other reasons, mostly to see where all the $$ came from...BUT if you own a tax-exempt Bond Mutual Fund that holds bonds for your state, the details help you determine how much you can tag as coming from your own state, and thus are also exempt from your state's taxation also.  (Some states require the bond fund to have over a certain % as holdings for your state (CA and MN), but others do not.....and IL doesn't allow exemption $$ from IL bonds generated within a bond fund at all...but allows it only if you hold individual IL bonds)

[AlLou]

So, from your answer, I understand that the consolidated portion(first page) determines what is reported on  schedule B. I ask because this years consolidated 1099 is unlike anything I've seen in 10 years. I report all Int, Oib's etc, but I have been in the habit of filling in each individual mutual fund Div's and there is a format to follow. If I report the first page then all the individuals, I wind up with 3 times the dividends that are on page 1 of the form?

[VolvoGirl]

What?  you only report the dividends from the consolidated 1099  Summary page 1.  Don't enter them again from the detail pages and funds.  The summary should have a section for each kind of 1099...Div, Interest and Sales.    Or if you want to enter each funds, etc. then do not enter the totals from the page 1 summary.  

And how would you end up with 3 times the amount?  If you entered from both the summary and details you would only get twice the total.  But don't do that.  

[AlLou]

Volvo girl;

  Thank you for the response. I now have discovered I've been reporting this wrong for about 10 years or more. Funny I never had an audit or questions about the earnings.

I'm not sure how to go about mending all those tax returns, but wouldn't I be entitled to it?

You"re correct about the dividend total. I had included dividends from my banks and some other investments.

Thx again :  Allou

[VolvoGirl]

How were you reporting it wrong?  The Dividends?  Were you reporting too much?

You can only amend to get a refund for the last 3 years.

https://ttlc.intuit.com/community/amending/help/how-to-amend-change-or-correct-a-return-you-already-... 

[AlLou]

Volvo girl,

  Yes, I was reporting both the first page which consolidated the dividends, and then following the questions in turbo tax I entered the breakdown of each individual fund. I think I misunderstood the instructions on the 1099's. they both read that the info is being supplied to the IRS, and I assumed I had to add the individual breakdowns. My bad for not asking sooner. I guess I'll have to be satisfied with a 3year window for reclamation, but someone in the IRS office probably had a good laugh or assumed that I had a lot more investments.

Thank you for your input. I almost have it reconciled on this years report.

Allou