Do i have to report dividends less than $10

[MinhT · Accepted solution]

Yes, you have report dividends received, even if they are less than $10. The stockbroker (or bank) is not required to issue a form 1099-DIV if dividends are less than$10, but you have to report them.

[rzrzrz]

How do I report them if form 1099-DIV was not issued by robinhood?

[AlanT222]

Please follow the instructions below.  Since the1099 was not issued by Robinhood, you would select I'll type it myself in step number 4 below. 

Form 1099-DIV reports dividend income you received from your investments. To enter this in TurboTax Online:

1. Open or continue your return.
2. Search for 1099-DIV and select the Jump to link in your search results.
3. Answer Yes to Did you receive any dividend income?
4. Choose your bank or brokerage from the list to import your 1099-DIV and select Continue or manually enter your 1099-DIV  by selecting I'll type it in myself.
5. Follow the on-screen instructions to enter your 1099-DIV.  Enter the information as if you received a 1099-div.  

[Anonymous]

I have a similar question.

Vanguard says that I have $0.08 for 2020 in my brokerage account but they did not send me a 1099-div.

i did not do any trading at all. I mistakenly put $500 into the brokerage account and then sent the same $500 back to my bank account.

it looks something like this:

3-18-20: $500 sweep in

3-25-20: $500 sweep out

3-25-20: withdrawal $500.08

3-25-20: dividend $0.08

Is this really a taxable event? Do i need to report it?

if so, what do i fill for the following boxes in the 1099-div?

Payers name

Federal Tax-id number

1a total ordinary dividends

1b qualified dividends

Section 199a dividends

Exempt interest dividend

etc

thanks for the help!

[AnnetteB6]

Vanguard would not be required to send you a Form 1099-DIV for a payment of $0.08, so that is why you did not receive one.

Also, given that you simply put money into the account and almost immediately took it out without investing in any securities, the payment seems to be more like interest instead of a dividend.  If you want to report it as income (which technically it should be since there is not a minimum threshold that must be met to be required to report it as income), enter it as an interest income item instead of a dividend.

When entering it as interest income you will only need to enter the payer name (Vanguard) and the amount received for box 1 ($0.08).  No other data would be required.

Use these steps to go to the interest income section of your return:

• On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
• This opens a box where you can type in “interest income” and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
• The search results will give you an option to “Jump to interest income”
• Click on the blue “Jump to interest income” link and enter your information

@Anonymous

[blueangelkim]

I have a very similar question.  My husband has an Etrade account which we created last year.  Trade statement indicates dividend of $1.03 for the entire year.  Since under $10 I don't have a statement.  This was put back into the Etrade account.  

This was for Sirius Xm which we have 25 shares, purchased at $4.77 share.  

How do I report this?  I don't know what to put in each field within Turbo Tax.  Is received from Sirius XM or Etrade?  Is Total Ordinary Dividend and Qualified Dividend $1.03?  What is the capital gain?

Thanks in advance for your help.

[SamS1]

Should you report it, Yes, You should include all income received on your tax return annually. From a practical standpoint, this amount is not going to impact the amount of tax you pay and leaving it off of your tax return will not generate a notice or additional tax or penalties.  But in the end, what you report on your tax return is up to you.  If you wish to delete the form, after you have logged in and are in your return:

• Go to Search at the top of the screen.
• then enter Form 1099-DIV in the search box. 
• You will see a Jump To function that will take you to the 1099-DIV input screens. 
• There delete the 1099-DIV by clicking the trash can next to the form.

If you wish to include it, you would enter the $1.03 in box 1a and 1b with 2a blank. Click here for the E-Trade EIN.

[dallta21]

Do reinvested dividends count as well? And if so, towards Form 1099 - DIV ?

[AamilD]

Yes, reinvested dividends are considered income as well and should already be part of your Form 1099-DIV, since its taxable income even if you reinvest/don't withdraw it.