Tax Question: Dividends <$10

[TromboneAl]

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?

 

[pb4uski]

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.

 

[FIRE'd@51]

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.

 

[braumeister]

Just enter it on Schedule B directly.

Exactly.

 

[TromboneAl]

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.

 

[arky]

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.

 

[jebmke]

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?