Hello,
Once a year I get two statements for my S-Corp from Fidelity,
The first one:
- "Informational Tax Reporting Statement" *Our records indicate that you are an exempt recipient for 1099 reporting purposes,
and the second one:
- "TAX REPORTING STATEMENT". * This is important tax information and is being furnished to the IRS.
Both forms include my stock transactions, cost basis etc., but my tax reporting statement furnished to the IRS does not include dividends and interest income earned from the investments, only the informational form includes this.
Wouldn't the IRS want to know that the S-Corp earned dividends and interest from the Fidelity account?
For example, this year's S-Corp Fidelity account produced about $1,500 in Total Ordinary Dividends and $1,400 in Qualified Dividends. It also earned $80 in Interest Income, but these numbers are not on the form provided to the IRS. Where should I enter these dividends/earned interest? FYI, I added them under Federal Taxes/Income/Investment Income in my TurboTax Business desktop version, but then again since this is not provided to the IRS, am I doing it right?
Your help is appreciated!
