2142545
I added a 1099-DIV with Total ordinary dividends (Box 1a) of $64.12, and the result was that my tax refund decreased by $201.00. In other words, it seems that I'm paying $201.00 to the IRS for $64.12 in dividends. Could that be right?
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Check the other boxes too.
Box 2a $$ may have an effect.
and if retired and have SS income, box 11 $$ can affect how much of your SS is getting taxed.
_______________________
Or...go back and check the number again in the software form...maybe it went in as $640 and not $64
By increasing your income you might have lost some credits and deductions like the EIC.
I once added $6 in interest and the tax went up $12! It pushed me into the next tax bracket. I was right at the line.
If you have the Desktop program you can switch to Forms mode and see what changed. Look at the 1040 before you enter the 1099Div and after.
Check the other boxes too.
Box 2a $$ may have an effect.
and if retired and have SS income, box 11 $$ can affect how much of your SS is getting taxed.
_______________________
Or...go back and check the number again in the software form...maybe it went in as $640 and not $64
It looks like that when I imported data, TurboTax imported data that it didn't show me. So the tax was being applied to income from another part of the form.
Thank you for the replies.
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