Hello, I am reviewing a 1099-DIV that I submitted to TurboTax. The review form asks the following question
How can I check if the second or third cases apply to me? Would my broker send me these information if they were applicable, or would I have to find out myself?
Thank you
your broker won't do it for you.
your broker reports as qualified, those dividends that may be qualified.
generally most people don't bother and just list all qualified dividends as shown on 1099-DIV
If you are not an active trader of dividend stocks, this is correct.
Thank you for getting back to me.
When you say "most people don't bother and just list all qualified dividends as shown on 1099-DIV", do you mean that most people say that these conditions do not apply?
And when you state "If you are not an active trader of dividend stocks, this is correct.", are you referring to the statement that I quoted above?
Here is a TurboTax article that discusses how to figure out if some of your holdings meet the required holding period.
Whether most people bother reporting holdings not listed on a 1099-DIV does not mean that the conditions are irrelevant. TurboTax will help you report all of your income in accordance with IRS regulations.