Missing Form 1099-DIV

[cactusjack]

I'm doing the tax return for my elderly mother an am missing a 1099-DIV form.  I'm unable to get the form from the account representative.

Should I estimate the amounts to report based on the previous return, or what is the recommended advice?  

I'm not looking for advice on how to get the form from the account rep (that ship has sailed), but how to move forward with the tax return.  I know there's an IRS form for estimating amounts for 1099-R amounts, but wasn't sure if there's something similar for 1099-DIV amounts.

Thanks.

[MarilynG1]

Most companies are just in the process of mailing out 1099-Div statements, so you may still receive one.

Don't use info from last year's tax return; you need the 2020 1099-Div, as the IRS gets a copy of it too.

Can you go online and set up an account at the broker's site (if your mother did not have one) to obtain the form?  Or contact the broker's main phone number, if the Account Rep is not responsive. 

The Substitute 1099-R is mostly used by taxpayers with foreign pension income to report.  There is no 'substitute 1099-Div'. 

Click this link for info on How to Enter a 1099-DIV. 

[cactusjack]

Thank you for the response.

I'm trying to file for previous tax years (2017-2019).   

I'm unable to set up an on line account for this particular investment.  The account rep refuses to work with me directly and doesn't answer her phone.   I've called the main, corporate help center and they said I have to work with the rep.  Through e-mail the rep has stated she has sent the forms to my mother by mail multiple times but we never seem to get them.  This has been going on for months now with no success.

How can I take care of this without having to work through the account rep?  We're trying to do an in-kind transfer of the assets to another brokerage that is good to work with, but of course there are issues with that and the rep is not helpful with this either.

Thanks.

[DawnC]

If you know the amounts of Dividends she received in those years, you can enter them into the form and TurboTax will calculate the tax based on what you enter.  With dividends and other distributions, you will need to know if they are ordinary vs. qualified dividends.  Ordinary dividends are taxed using the ordinary income tax brackets for tax year 2020.

Qualified dividend taxes are usually calculated using the capital gains tax rates. For 2020, qualified dividends may be taxed at 0% if your taxable income falls below

• $40,001 for those filing single or married filing separately,
• $53,601 for head of household filers, or
• $80,001 for married filing jointly or qualifying widow(er) filing status.

The qualified dividend tax rate increases to 15% for taxable income above

• $40,000 through $248,300 for married filing separately filers,
•  $40,000 through $441,450 for single filers,
• $53,600 through $469,050 for head of household filers, or
• $80,000 through $496,600 for married filing jointly or qualifying widow(er) filers.

Qualified dividend income above the upper limits of the 15% bracket requires paying a 20% tax rate on any remaining qualified dividend income. Depending on her specific tax situation, qualified dividends may also be subject to the 3.8% Net Investment Income Tax.

What does 1099-DIV report?

About Form 1099-DIV, Dividends and Distributions

[cactusjack]

Thank you for the response and information.   What do you recommend if we don't know the dividend amounts?

[DawnC]

You should be able to find the amounts of the deposits in her accounts.   But knowing the amounts deposited is not going to tell you whether or not the dividends were ordinary or qualified.   Clarify with them the email or mailing address they are using to send you the necessary information.