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pvanhoosen
New Member

How can I resolve "Needs review" status for my tax-free bond funds? I've ensured the blank fields are truly null and the state dollar breakouts add up.

I manually typed-in the data without using import. I've also tried deleting in blank data fields, including the uncommon fields.
7 Replies
EbonyA
Intuit Alumni

How can I resolve "Needs review" status for my tax-free bond funds? I've ensured the blank fields are truly null and the state dollar breakouts add up.

Try logging out, clearing your cache and deleting cookies and then log back in and see if the issue still persists. You may also try a different browser.

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pvanhoosen
New Member

How can I resolve "Needs review" status for my tax-free bond funds? I've ensured the blank fields are truly null and the state dollar breakouts add up.

I found a fix. It wasn't cache, cookie, or browser related. The "trick" was in block 1.a. of Quicken's 1099-Div page. Although a tax-free mutual fund's 1099-Div has data for blocks 11 (and sometimes block 12), there is no data for block 1.a. Apparently Quicken's block 1.a. requires a value other than null (blank). In my case, manually typing $0.00 in block 1.a. did the trick. I also ensured all other blocks outside of blocks 11 (and 12 if there was data) were null. That cleared the "Needs review". Thanks.

JamesG1
Expert Alumni

How can I resolve "Needs review" status for my tax-free bond funds? I've ensured the blank fields are truly null and the state dollar breakouts add up.

Some TurboTax customers are experiencing an issue with their 1099-DIV showing "needs review" after entering and verifying the forms information.

 

If you're experiencing  the issue above,  please go here to receive email notifications when any updates related to this issue become available.

 

See this TurboTax Help.

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SteamTrain
Level 15

How can I resolve "Needs review" status for my tax-free bond funds? I've ensured the blank fields are truly null and the state dollar breakouts add up.

@pvanhoosen 

 

Yep, just discovered the box 1a must have a value problem, even if it's jus a zero.....(Online software only....desktop software doesn't care)

 

Vast majority of people will be getting 1099-DIV forms with values in boxes 1a,1b,2a (maybe) and 11, otherwise the problem would be more prevalent...but it is a problem for those who only have a box 11 value to report.

 

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
DoubleTaxTrouble
Returning Member

How can I resolve "Needs review" status for my tax-free bond funds? I've ensured the blank fields are truly null and the state dollar breakouts add up.

My related problem is that Turbotax insists that box 1a must contain a number equal to or more than box 11 of Form 1099-DIV (tax-exempt dividends), but I only had tax-exempt dividends from the mutual fund involved and box 1a, as supplied by the financial institution, is blank.  If I do insert a number there,  Turbotax wants to charge taxes for tax-free earnings.  Seems like a software glitch.

JulieS
Expert Alumni

How can I resolve "Needs review" status for my tax-free bond funds? I've ensured the blank fields are truly null and the state dollar breakouts add up.

Yes, that is correct, the bond premium can't be more than the taxable interest income. The reason is that the bond premium reduces the taxable interest.

 

"You must reduce the bond premium amount to no more than the amount in Box 2, and report any excess on Schedule A subject to limitations."

 

This means that if Box 2 is $0, Box 10 must also be $0. You can deduct the amount in Box 10 on Schedule A:

  1. Click on Federal Taxes, then Deductions and Credits.
  2. Scroll down to Other Deductions and Credits, expand the section.
  3. Click Start to the right of Other Deductible Expenses.
  4. Answer the next two questions No.
  5. Answer Yes to Did you have any of these other expenses?
  6. Enter the amount next to Amortizable bond premiums.
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SteamTrain
Level 15

How can I resolve "Needs review" status for my tax-free bond funds? I've ensured the blank fields are truly null and the state dollar breakouts add up.

OK Guys....you are both talking in cross-purposes for different reasons.

 

@JulieS   Your answer is correct for a 1099-INT, but this user is talking about a 1099-DIV.

 

@DoubleTaxTrouble   You say you are entering a 1099-DIV, but that error only shows up if you are accidentally using the 1099-INT form.   (which is what JulieS was talking about)

 

You need to LOOK at the software form you are using....if it is now going in as a 1099-INT, then you are using the wrong form in the software.   You need to go back to the investment income section in the Wages&Income page, and delete that 1099-INT entirely .  Then start a 1099-DIV.  When entered there with box 1a blank, a value in box 11 only needs you to answer a follow-up page where you indicate what states issued the $$ for box 11

.......(usually you just select "Multiple states" for all of it from the last selection of the states list....unless box 11 is a large number and you want to break out the $$ taha came from your own state's bonds.....but to do that YOU need to calculate the exact $$ amount yourself...so "Multiple States" for all of it is easier, until you learn how to do the breakdown some year when you have time to do the research).

 

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
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