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Level 1
posted Feb 2, 2020 5:13:47 AM

Do I enter the information directly from the Consolidated Form 1099, or each individual fund that comprises the consolidated form?

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1 Replies
Level 15
Feb 2, 2020 6:41:22 AM

You enter the total 1099-INT and 1099-DIV data as shown on the consolidated form.

 

IF you actually sold some shares of anything, then those sales transactions go on the 1099-B/8949 entries as separate transactions.

 

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IF you have any $$ on the 1099-INT in box 8, or the 1099-DIV in box 11...then you need to edit those forms, and make sure you designate what states the interest came from  (not where you live).  Usually, if the tax-exempt $$ came from a mix of states it's easiest to just select "More than one state" for all of it...but if you have a significant amount of tax-exempt income from your OWN state's bonds, you can break out those $ separately from the rest to potentially get a bit of a tax advantage in your own state's taxes.   But you would need to calculate and break out that amount yourself based on information from the Brokerage.  $ in box 8 of a 1099-INT can always be broken down.....$$ in box 11 of the 1099-DIV sometimes cannot, because a few states have holding limits for distributions in box 11 that came from Mutual Funds.