Form 1099-DIV

Form 1099-DIV


Tax Slayer entry:

Varies depending on the source of the dividends.

Box 1-4 and 6:

Federal Section > Income > Interest and Dividends (1099-INT, 1099-DIV) > Interest and Dividends > Dividend Income

  • If part of a broker statement, look for additional information that may indicate that some of the dividends may be tax-exempt to the state.
  • Dividends (1a, 1b) reported will appear on Form 1040 line 9a – Ordinary dividends or line 9b – Qualified dividends.
  • Federal tax withheld (4) will appear on Form 1040 line 62 – Federal income tax withheld
  • Foreign tax paid (6) will appear on Form 1040 line 47 – Foreign tax paid

Box 5:

Federal Section > Deductions > Itemized Deductions > Miscellaneous Deductions > Investment Fees and Expenses

  • Investment expenses are entered on Schedule A line 23 Misc Deductions.

Box 7:

  • Income from sanctioned countries (Iran, N Korea, Sudan and Syria) require a form 1116 and is  OUT OF SCOPE .

Box 10:

Federal Section > Income > Interest and Dividends (1099-INT, 1099-DIV) > Interest and Dividends > Tax Exempt Interest, Box 8

  • If the dividends are from a non-Colorado entity, it will require a Colorado adjustment.
  • Exempt-interest dividends (box 10) will appear on Form 1040 line 8b – Tax free interest income

Box 11:

Federal Section > Other Taxes > Alternative Minimum Tax (Form 6251)

  • Enter on the line that reads “Interest from specified private activity bonds exempt from the regular tax”.
  • This carries to Form 6251, line 12 which if required puts the return  OUT OF SCOPE .

Box 12-14:

Federal Section > Payments & Estimates > Other State Withholdings

☣ SOFTWARE ERROR If state tax was withheld, the state return will have to be paper filed to support that withholding. Attach a copy of the 1099-DIV that shows the withholding.