You can access the this information form the forms mode in TurboTax.
To switch to Forms Mode, open your return and click the Forms icon in the upper-right corner of your screen (or choose Forms from the View menu at top).
The 1040 Worksheet will display and all the forms in your return will be listed on the left side. Simply select a form to open it.
To switch back to the interview, click the Step-by-Step icon in the upper right corner, or choose it from the View menu.
Tips
- In Step-by-Step mode, you can view the underlying tax form by clicking Show Relevant Form near the bottom of your screen. Not all screens will have this, only those where the input relates directly to a tax form.
- It's OK to switch to Forms Mode if you want to look at a form or two, but constantly toggling back and forth between Forms Mode and Step-by-Step has been known to cause problems and data corruption.
Qualified dividends receive special tax treatment. Although the IRS never treats your dividend payments as capital assets, your qualified dividends are taxed at capital gains rates. As a result, you will pay either zero or 15 percent tax on the amount reported in box two—but this depends on what your highest tax bracket is.
- If the highest tax rate your taxable income is subject to is 10 or 15 percent, no tax is due on your qualified dividends.
- But if your highest rate of tax is 25 percent or more, you will pay a 15 percent tax on your qualified dividends.
Because the most you can be taxed on qualified dividends is 15 percent, you will always pay less tax than on unqualified dividends.
The portion of your benefits subject to taxation varies with income level. You’ll be taxed on:
- up to 50 percent of your benefits if your income is $25,000 to $34,000 for an individual or $32,000 to $44,000 for a married couple filing jointly.
- up to 85 percent of your benefits if your income is more than $34,000 (individual) or $44,000 (couple).
