entering dividends on Schedule B

[JohnEyles]

Some of my 1099-DIV from brokerages have dividends from the various
funds/etc totaled up, and some have them listed separately but NOT totaled.
For the latter, I've always added them up before entering (as a single entry,
within Turbotax) and silently wondered why the brokerage didn't add them
up for me. Finallly saw some fine print that said basically that if the funds
are listed separately, you "may" have to list them separately on Schedule B.
I have NEVER done this, and never had trouble, and I'd just as soon keep
doing it the way I always have. Bad idea ?

 

[Martha]

The instructions for schedule B say that if you got a 1099-DIV from a brokerage firm you list the brokerage firm as the payor of the dividends and you then include the agregate number on schedule B.
http://www.irs.gov/pub/irs-pdf/f1040sab.pdf

http://www.irs.gov/pub/irs-pdf/i1040sa.pdf

 

[JohnEyles]

The instructions for schedule B say that if you got a 1099-DIV from a brokerage firm you list the brokerage firm as the payor of the dividends and you then include the agregate number on schedule B.
http://www.irs.gov/pub/irs-pdf/f1040sab.pdf

http://www.irs.gov/pub/irs-pdf/i1040sa.pdf

You're right. Which is contradictory to the suggestion ("may") I quoted.

And just saw my Vanguard one is less equivocal (and contradictory to your
quote from Schedule B) saying "each specific fund name, NOT Vanguard,
*must* be reported".

 

[d]

if you have more than a few funds, entering the 1099 info on turbotax can be, dare i say it, very taxing. i aggregate my dividend info in excel, list "see supplement" on schedule b, and list by fund on the supplement.

 

[JohnEyles]

... entering the 1099 info on turbotax can be, dare i say it, very taxing ...

I cannot believe you dared to say that.

I think I have figured out the apparent contradiction. The 1099-DIV from
Vanguard (mutual funds) is NOT a brokerage statement, since they actually
ARE Vanguard funds. Whereas the one from Schwab IS a brokerage
statement - and in fact has the dividends all totaled up into one entry.

So I think the Vanguard ones really DO need to be separate Schedule B
entries for each fund, and I guess it's just good luck (or a little extra effort
on the IRS' part) that's allowed me to get by with just tot'ing them up for
all these years.

 

[FIRE'd@51]

I think I have figured out the apparent contradiction. The 1099-DIV from
Vanguard (mutual funds) is NOT a brokerage statement, since they actually
ARE Vanguard funds. Whereas the one from Schwab IS a brokerage
statement - and in fact has the dividends all totaled up into one entry.

So I think the Vanguard ones really DO need to be separate Schedule B
entries for each fund, and I guess it's just good luck (or a little extra effort
on the IRS' part) that's allowed me to get by with just tot'ing them up for
all these years.

You are correct. I do it the same way (individually by fund) with my (non-IRA) Vanguard Mutual Funds. Dividends and interest from Vanguard Brokerage Services is consolidated on a brokerage 1099 from Pershing, and is done the way Martha said.

 

[JohnEyles]

Ok, thanks, we figured THAT one out. Sorry for the clutter. Maybe
there should be a separate folder for tax questions ? Or maybe not,
since tax issues are so intimately intwined with investment decisions.