Possible Dividend glitch

22 replies
150 views

When we input our SMALL dividend amount of $600, it takes us from receiving a refund of $1600 to OWING $500?!! THis makes no sense.

TurboTax Deluxe Online

MichaelL1Answer

Level 15

For EITC you cannot have investment income exceeding $3,500, so if you see a big drop in refund amount first make sure all the entries are correct in the Dividend and Interest income areas.

MichaelL1

Level 15

Can you double check to make sure it was not a decimal place off.
Let me know and we will get this figured out.

dooda_brownAuthor

Level 2

no decimals off, so we are very confused and not sure where to go to get it filed correctly.

dooda_brownAuthor

Level 2

We input 644 in 1A and 588 in the other spot under qualifying...as soon as we do this, it swings a 2k difference?

MichaelL1

Level 15

Do you have other investment income that might have been around $3,000 already entered (such as other dividends or interest income) and this got you ever $3,500 on the return?

For EITC you cannot have investment income exceeding $3,500

Lisa995

Alumni - Champ

If earned income credit is a factor, the additional unearned income could have disallowed that credit.

♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪

MichaelL1

Level 15

To Preview a copy of the Form 1040 prior to paying for TurboTax.
A. Go to Tools in left side of screen and click on Tools
B. A box titled: Tool Center will open and below the 3 boxes is: Other helpful Links…
C. Click on the first one: View Tax Summary
D. Then in left side of screen click on: Preview My 1040
E. You can scroll up and down and see the numbers on a working copy of your Form 1040

dooda_brownAuthor

Level 2

no, this is the largest amount of interest income, the $600 amount from the stock dividend.

dooda_brownAuthor

Level 2

Can someone help?

dooda_brownAuthor

Level 2

Is there a # to call instead of paying for support in case this is a TT glitch?

MichaelL1

Level 15

There is but let's try this. Look at numbers on return from print preview from above comment.

Then delete the 1099DIV and look again at the print preview.

I want to see what changed --for that big amount of change it has to be a credit that is no allowed.