I received a form 480.6c. There is small dollar amount in Box 6, Amount Paid("Dividends Subject to 15% under Section 1062.08)and in Amount Withheld. What do I need to do?

Or is there anything I need to do. To clarify in box 6 under Amount Paid there is a small amount of money shown and in the column next to it where it says Amount Withheld there is an even smaller amount of money listed. There are no other entries on this form. Not sure what if anything I need to do. Please help. Thank you.

497

Expert Alumni

Mar 1, 2022 3:40:05 PM

It depends on how small those amounts are and whether you also received a Form 1099-DIV for this investment.

If you also received a 1099-DIV or 1099-INT for the same investment, you can just disregard the Form 480.6c.

If the small amounts are less than $1, you can disregard the form as well. An amount that small is "de minimis", that too small to be worth reporting.

If the amount is $1 or more, you can enter the income as a Form 1099-DIV.

Here is how:

Open your return and select Federal on the left side menu.
Select Wages and Income toward the upper left.
Scroll down, or expand the list and find Interest and Dividends.
Expand that section and find Dividends on 1099-DIV.
Click on Add/ Edit to the right.
Answer the first question Yes.
Click Continue.
Click on Change how I enter my form in the lower right corner.
Select Type it in myself.
Fill in the amount form box 6 in box 1a.
Click Continue.

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I received a form 480.6c. There is small dollar amount in Box 6, Amount Paid("Dividends Subject to 15% under Section 1062.08)and in Amount Withheld. What do I need to do?