I was doing my taxes this year earlier than the date on which I could import my 1099-DIV info. I completed my taxes by typing the 1099-DIV info in by hand, but waited until the import was available to double-check and make sure I didn't miss anything. Today, I imported the 1099-DIV info from the same account that I had previously typed in by hand. All of the numbers matched on the imported document and the one I entered by hand, as did the dividend summary page in TurboTax. However, inexplicably, when I delete out what I typed in by hand and leave the imported info, my tax bill is $98 higher than if I leave the 1099-DIV info I typed in by hand and delete out the imported info. Again - all the numbers match! Why is this happening? It was only for one bank; the two 1099-DIV records I had for a separate bank didn't vary regardless of entry method. Is this a glitch?
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Did the 1099-DIV entered earlier the year include information other than box 1a, 1b and 2a? You would have had to click on the box My form has info in other boxes?
Perhaps the downloaded 1099-DIV included information in those boxes that had not been entered by hand?
Did the 1099-DIV form that was entered by hand include final information? Perhaps the downloaded 1099-DIV reported 'final' information that was not reported on the first version of the 1099-DIV?
Thanks for your response! Yes, there are numbers other than in boxes 1a, 1b, and 2a - specifically, in boxes 3, 5, and 7. However, the values in those boxes are the same when I typed them in and when they were imported (when I typed it in by hand, I did click the box that read "my form has info in other boxes"). The 'final' thing you mention is unclear to me. First, I'm not sure where it would read "final" - is there any place that I can check? Additionally, if the values are all the same in both forms, would a final version vs. a preliminary version make a difference?
Of note, I also noticed that my taxes due increased when I re-imported my investment income from the same bank today. Again, the values were all the same, but for some reason when I re-imported the numbers today, my taxes due increased. Is there possibly an issue with the import for this bank, or the calculations used in TurboTax when an import for this bank occurs?
Looking at my personal tax return, the Consolidated 1099 Tax Statement from my provider stamps the statement FIGURES ARE FINAL or FIGURES ARE NOT FINAL on each page. I am sure not every provider does that but some years I know not to file until I receive a statement with the FINAL designation.
Are you able to print out the tax returns under each scenario at Tax Tools / Print Center / Print, save or preview this year's return?
If you print them out under each scenario, the difference may jump out at you.
If you cannot identify the difference by looking at the tax return, I would look at the Qualified Dividends and Capital Gain Tax Worksheet (if you have one) under each scenario. See here page 36.
The worksheet can be viewed at Tax Tools / Print Center / Print, save or preview this year’s return / Include government and TurboTax worksheets.
Thank you again for your response! It helped guide me to the correct answer, which was that when I imported the information from my bank, it imported data into a separate section of my tax return that I had previously already imported. The duplication of entries made my taxes increase; once I removed that, everything went back to the correct values. Too bad TurboTax doesn't give you a warning message that there seems to be a duplicate entry - that would have been really helpful.
I appreciate your time, James! You helped me settle the issue. Best wishes for a happy tax season (if there is such a thing)!
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