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Added a 1099-DIV and my refund went down three times as much

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?
I can add further information here, if there is not enough to answer my question.

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Added a 1099-DIV and my refund went down three times as much

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

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

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3 Replies

Added a 1099-DIV and my refund went down three times as much

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.  

Added a 1099-DIV and my refund went down three times as much

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

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

Added a 1099-DIV and my refund went down three times as much

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.
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