Dividend income reporting from Schedule K-1

[superduper1967]

I have received K-1 for an exchange fund contribution I made last year, and it reports dividend income in box 6a and 6b as ordinary and qualified dividend respectively. The Turbotax Premier asks me to enter both of these, however when I see the Schedule B, I see only the ordinary dividend being reported in Part II. The qualified dividend is not there, it is missing from Dividend Income Smart Worksheet. I assume it only lists only the 1099-DIVs that I entered, I was hoping Turbotax will automatically pull the Schedule K-1 reported qualified dividend too. Any idea how to get it fixed?

[Mike9241]

The qualified dividend on 6b is part of the total dividend on 6a, so you won't see the qualified dividend portion on schedule B. You would be reporting the same income twice if it were. Its only use is to compute your income taxes using the qualified dividend and capital gain worksheet to see if this produces a lower tax. Qualified dividends and long-term capital gains can be taxed as low a 0% even if your normal tax bracket is higher

[superduper1967]

Thanks for the reply.

I looked deeper and it seems that the qualified dividend from K-1 was indeed captured in Schedule D Tax Worksheet 2a, even if it was not highlighted in Schedule B Dividend Income Smart Worksheet.