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Level 2
posted Apr 14, 2024 2:19:40 PM

1099-DIV taxes seems too high

I  have received my 1099-Div from my mutual fund. When I enter

box 1a:  $7,116.46

Box 1b: $ 2,115.01

Box 1C: $4,957.32

 

I owe additional  $2,822 in taxes. The looks like I am owing 40% taxes on my 1099-DIV. I am married filing jointly and zero deductions. Is this correct?

 

Thanks

0 3 1668
3 Replies
Expert Alumni
Apr 14, 2024 8:56:24 PM

There is no Box 1c.  Should that be 2a - Capital Gain Distributions?  Those are short term capital gains from mutual funds.  If that's the case you have $12,073 in dividend/cap gain distributions.  If you paid an addition al $2,822 in tax on that income, that's 23%.  But the additional tax amount may not be accurate.   There are a lot of moving parts to a tax return when it comes to determining the total tax.

Level 2
Apr 15, 2024 12:03:29 PM

Thank you for your answer. You are correct it was box 2a not 2c.

Level 2
Apr 15, 2024 12:04:06 PM

I meant there were no 1C box.