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
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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.
Thank you for your answer. You are correct it was box 2a not 2c.
I meant there were no 1C box.
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