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Tax Question: Dividends <$10
Old 04-03-2014, 04:22 PM   #1
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Tax Question: Dividends <$10

That time again...

For my VG money market fund and my checking account, the interest and dividends were less than $10, so there's no 1099. I understand that I still need to report those few dollars of income.

I'm using TaxAct online, and filling in the information as if I had gotten a 1099, which is not ideal because I need to figure out what values would be in what boxes.

Is there an easier way to do that?
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Old 04-03-2014, 04:26 PM   #2
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I'm not sure if one is required to report interest or dividends if there is not a 1099 but I do anyway, principally because it doesn't make a difference.

I would think any MM dividends would be non-qualified since the underlying investments don;t generate qualified dividends.
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Old 04-03-2014, 04:30 PM   #3
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Originally Posted by TromboneAl View Post
That time again...

For my VG money market fund and my checking account, the interest and dividends were less than $10, so there's no 1099. I understand that I still need to report those few dollars of income.

I'm using TaxAct online, and filling in the information as if I had gotten a 1099, which is not ideal because I need to figure out what values would be in what boxes.

Is there an easier way to do that?
Just enter it on Schedule B directly.
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Old 04-03-2014, 06:10 PM   #4
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Originally Posted by FIRE'd@51 View Post
Just enter it on Schedule B directly.
Exactly.
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Old 04-04-2014, 10:45 AM   #5
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Yes, I can do that. Right now TaxAct is shielding me the actual scary tax forms by asking me questions. There's no question that asks "did you receive interest less than $10?"

I'm starting to think that, since my return is about the same as last years, I should just fill in the forms.
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Old 04-04-2014, 10:56 AM   #6
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Originally Posted by TromboneAl View Post
Yes, I can do that. Right now TaxAct is shielding me the actual scary tax forms by asking me questions. There's no question that asks "did you receive interest less than $10?"

I'm starting to think that, since my return is about the same as last years, I should just fill in the forms.
+1

Much prefer filling out forms online (free file fillable forms) to the "question and answer" method.
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Old 04-05-2014, 10:42 AM   #7
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Yes, I can do that. Right now TaxAct is shielding me the actual scary tax forms by asking me questions.
You need to know which forms it appears on anyway -- otherwise how can you check that your return is correct?
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