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Turbo Tax wants to know recepient state from Edwards Jones 1099div schedule b. I dont have schedule b.

1099 div recepient state?

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3 Replies
PatriciaV
Employee Tax Expert

Turbo Tax wants to know recepient state from Edwards Jones 1099div schedule b. I dont have schedule b.

Schedule B (Form 1040) Interest and Ordinary Dividends is automatically generated by TurboTax when you enter certain income. The schedule may also be added when you import 1099-DIV.  

  • You may not have entered all the required information in TurboTax. Go back and review what you entered in the 1099-DIV section. 
  • Enter your resident state if you don't know the source of the dividends.

 

Per IRS: Use Schedule B (Form 1040) if any of the following applies:

  • You had over $1,500 of taxable interest or ordinary dividends.
  • You received interest from a seller-financed mortgage and the buyer used the property as a personal residence.
  • You have accrued interest from a bond.
  • You are reporting original issue discount (OID) in an amount less than the amount shown on Form 1099-OID.
  • You are reducing your interest income on a bond by the amount of amortizable bond premium.
  • You are claiming the exclusion of interest from series EE or I U.S. savings bonds issued after 1989.
  • You received interest or ordinary dividends as a nominee.
  • You had a financial interest in, or signature authority over, a financial account in a foreign country or you received a distribution from, or were a grantor of, or transferor to, a foreign trust. Part III of the schedule has questions about foreign accounts and trusts.
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Turbo Tax wants to know recepient state from Edwards Jones 1099div schedule b. I dont have schedule b.

Unless the question is referring to tax-exempt $$ showing in box 12 of the 1099-DIV....then you select "Multiple states"  from the very bottom of the dropdown list of states (or "More than one state" if using desktop software )

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For tax exempt $$ in box 12, in some cases, you can break out just the $$ that came from your own state's bonds to reduce your state taxation somewhat, but you need to do a bunch of calculations to do that...and the "Multiple States" selection is always acceptable.

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IF the box 12 $$  is the issue, and you do want to break out your own state's tax-exempt dividends, post back and we can give you more details....but unless the box 12 value is pretty large, many times it's not worth the effort....though that depends on which exact bond funds you owned.

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

Turbo Tax wants to know recepient state from Edwards Jones 1099div schedule b. I dont have schedule b.

The heading on the page in question shows a forms category which took me to the block that needed my state inserted. Thank you

 

 

 

 

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