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Level 3
posted Mar 28, 2024 7:36:11 AM

How to calculate interest income/dividends when there is no 1099-INT and 1099-DIV

So, I recently came across another post in this forum that said interest income must be reported, even if under $10: Solved: Do I need to report interest less than $10 to IRS and indicate on 1040? (intuit.com)

 

The IRS also alludes to this: "You must report all taxable and tax-exempt interest on your federal income tax return, even if you don't receive a Form 1099-INT or Form 1099-OID"

Topic no. 403, Interest received | Internal Revenue Service (irs.gov)

 

  • But how do I calculate interest income, for something like last year's Tax Returns?  Is it just Actual Return Received - Expected Return?
  • For dividends, am I just manually adding up all the dividends I receive from all the shares/fractional shares that I own in Robinhood?

0 7 4670
7 Replies
Level 15
Mar 28, 2024 8:17:48 AM

Yes, it is all of the interest you actually received, and dividends actually received during the tax year credited to your account. 

 

You should be able to make the foregoing determination by reviewing your statements. 

Expert Alumni
Mar 28, 2024 8:22:22 AM

1. Interest is the amount actually received from your bank or brokerage account during the year on cash accounts. Your year end statement may have the amount listed for the entire year. Otherwise, you can check your monthly / quarterly statements.  You can make the entry simple by putting all interest under one heading like interest from multiple places and then list the amount for the 1099-INT.

 

2. Yes. Dividends may have been received as cash or reinvested. You will have to check your statements for dividends. You can check your online account as they may have posted a 1099-DIV to your account under tax documents. For the 1099-DIV, select I'll type it in myself.

Level 3
Mar 29, 2024 10:12:53 AM

Ok, thank you.

Level 3
Mar 29, 2024 10:42:36 AM

Ok, thank you for the info.

Level 3
Apr 1, 2024 6:47:47 PM

When manually filling out 1099-DIV, what should I put in the "Received from" section?  Technically, I receive dividends from the companies whose shares I bought, but I receive them through Robinhood.

 

Do I have to manually fill out a 1099-DIV for each company, or can I add them all up and just put "Robinhood" in the "Received from" entry box?

Expert Alumni
Apr 2, 2024 5:53:50 PM

You can just enter Robinhood for the company you received the dividends from, as they are the company that would report them to you.

Level 3
Apr 5, 2024 7:01:35 AM

Thanks so much!