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If i earned de minimis dividend income (less than 1 dollar), do I need to post a 1099-DIV?

 
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6 Replies

If i earned de minimis dividend income (less than 1 dollar), do I need to post a 1099-DIV?

Why can't I e-file because Morgan Stanley doesn't complete de minimis accounts with purchase date and value

If i earned de minimis dividend income (less than 1 dollar), do I need to post a 1099-DIV?

The IRS requires rounding to the nearest dollar.

49 cents or less rounds to zero and not reported.  50 cents rounds to $1.00 and must be reported whether you have a 1099-DIV or not.  Financial institution do not have to mail you a 1099-DIV under $10.00 since the postage is more than the tax, but that does not mean that you do not need to report it as if you had received a 1099-DIV.  The financial institution reports all dividends electronically to the IRS regardless of the amount.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

If i earned de minimis dividend income (less than 1 dollar), do I need to post a 1099-DIV?

So If I received 0.03 cents in dividends, do I have to report it? 

Anonymous
Not applicable

If i earned de minimis dividend income (less than 1 dollar), do I need to post a 1099-DIV?

Same question.

 

Apparently, I have received 0.08 in dividends from Vanguard for 2020 and obviously I did not get a 1099-div. Do I need to report this? 

this rounds to 0 anyway..

SamS1
Expert Alumni

If i earned de minimis dividend income (less than 1 dollar), do I need to post a 1099-DIV?

No.  Dividend totals less than $10 are not reported to the IRS.  Plus. the IRS works in round numbers so your .08 would also be rounded down to 0.00 and not reported.  

 

We don't have specific information on the income qualifications or procedures for the third stimulus payment because the measure hasn't been passed yet. However, If you had issues receiving your earlier stimulus, then the best way to ensure that you are one of the first to receive any future stimulus payments is to file your 2020 tax return as early as possible and use direct deposit so that the IRS will have your updated information. 
 
You can find the most up to date information from the IRS here, and updates from TurboTax here as they develop.

If i earned de minimis dividend income (less than 1 dollar), do I need to post a 1099-DIV?

the IRS does NOT require rounding

 

IF you round, then the rule you state is correct -- but ROUNDING IS NOT REQUIRED BY IRS

 

very annoying that turbotax is forcing taxpayers to do rounding when the taxpayer can clearly see that as applied to their tax return it results in being forced to pay more taxes than are actually due

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