1099-B and 1099-DIV

Technical topics regarding tax preparation.
#1
gstax  
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Basic question for most:

1099-B copy b for recipient...do I have to do anything with it, or it's just informational? This one reports box 6 gross proceeds of above 1K.

1099-DIV Supplemental Information form, on the tax reporting statement list 1a, 1b, and 2a amounts nothing else in the statement, so I'm guessing this one has to be reported and I was reading it could be reported directly in 1040? Client has a form 1099-Div for a different amount of above $10 in 1a from the same institution.

If somebody could clarify this reporting requirements for forms 1099-DIV; 1099-INT; 1099-B; OID's; for me I would appreciate it.

Thank you!
 

#2
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Yes, you need to report it. Do you have basis, either from the client or in the 1099 packet itself?

Usually your software will have you input the Form 1099-DIV information and it will either automatically create a Schedule B or will put it straight to the Form 1040, if permitted. The Supplemental Information should merely give detail on what is already on the Form 1099-DIV at the front of the packet. However, if the client holds mutual funds or ETFs there may be USGO that should be subtracted from income on a state return.
 

#3
gstax  
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For the supplemental information, 1099 DIV I cannot find any basis listed. The only numbers listed here are close to the example below:
1a Total Ordinary Dividends 20.00
1b Qualified Dividends 20.00
2a Total capital Gain Dist 70.00

And for the 1099-B yes, there is Basis, example:
short term and long term, for both proceeds 1d, and cost or other basies 1e. Also, a net capital gain of example $40.00 S-T and of 14.00 L-T.

Thank you for further help.
 

#4
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gstax wrote:For the supplemental information, 1099 DIV I cannot find any basis listed. The only numbers listed here are close to the example below:
1a Total Ordinary Dividends 20.00
1b Qualified Dividends 20.00
2a Total capital Gain Dist 70.00


1099-DIV capital gains will not have basis. The gain/loss is calculated by the mutual fund or ETF and paid to the owner. It's reported on Schedule D, line 13 when you have other stock sales.
 

#5
gstax  
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202
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Location:
Panhandle, FL
I think everything came together, and I was able to finally understand it all.
Thank you all for your help.

I listed the 1099-DIV in the exact form. Since there is not USGO's I did not need to do anything at the state level. And for the 1099-B finally I read that little font that instructed me to report it in the 8949 and sch D, so I listed separate all the s-t and l-t funds sold in the same day block.
 


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