TurboTax 2021 Stuck in a loop at investment income

[peterpaulmary1]

If you file a New Jersey state return don't forget to deduct Medical Insurance premiums paid out of pocket.

It takes a while to get to the premium question but you need to say YES to medical expenses to get there, to input the info went into the State Return and selected I'll pick what to select, believe it's under Misc.

Check your W2 to see if the out of pocket premium is included in the State Wages box 16. See Box 14 sec 125. See box 14 for the site to visit for an explanation. increased our return by $100.

The deduction is limited to 2% above income.

Thanks for the loop work around.

Regards, Paul

[Gloria16]

Hello, I have investments and the dividend are being reinvested. Do I still need to report the 1a dividends as income? I also have qualified dividends in 1b but I did not see that question on turbotax. I also have dividend on 5: Section 199A Dividends. Where do I find this sections so that I can input the information.

On more thing, where do I input medical expenses.

Thank you so much for any assistant.

[cube1]

If the investment income that was reinvested came from a taxable account (i.e., not in an IRA, 401-K, etc.) then yes, it is a taxable dividend.  The TT form for a 1099-DIV (or the import process) has a field for total dividends (box 1a) and for qualified dividends (1b), with boxes that match your 1099-DIV (or consolidated 1099 if it also shows interest and/or transactions, etc.).  So, go back and look at that form where you entered that information - there isn't a separate "question" for it (at least not in the desktop versin.)   [Qualified dividends are a subset of total dividends - sometimes all of the total.] 

199A dividends result from transactions for things like REITs (Real Estate Investment Trusts) and the like - which may be held by a mutual fund.  They also involve form 8995, and *may* be eligible for a 20% deduction which if I recall correctly, TT will handle based on answer to appropriate questions it asks along the line.  For the nitty gritty, see the instructions for IRS form 8995.

Medical expense are a specific part of the TT "interview" process.  Note that you cannot deduct medical insurance premiums taken pre-tax out of your salary.  TT asks questions do determine whether or not that is the case.

JRJ