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how to post Section 199A Dividends

At year end my broker sends a 1099-Div with Section 199A Dividends, how do I post it?
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Best Answers

  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    edited March 29 Accepted Answer
    Is the Sec 199A income identified with each dividend payment, or only on the 1099?

    You could create your own Sec 199A  income Category and assign it to the Schedule B:Dividend income tax line item then enter it under Miscellaneous  if you want. 

    Then it will at least be identified in the Tax Schedule report.
    QWin Premier subscription
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    edited March 29 Accepted Answer
    The challenge is that like qualified dividends, which are an even bigger issue, you often do not know until you get the 1099 in Jan or Feb how much of the dividend is Sec 199A.

    For more info and to vote for improvements in this area, please see this Idea post
    https://community.quicken.com/discussion/comment/20028506#Comment_20028506

    Like @q_lurker, I do not try to get Quicken to transfer data directly to my tax software. I compare Quicken reports to the 1099s I receive and enter the info manually.
    QWin Premier subscription
  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    Accepted Answer
    Charlie R said:
    At year end my broker sends a 1099-Div with Section 199A Dividends, how do I post it?
    Charlie R said:
    I have to transfer Long-term Cap gain and other things why not Sec 199A.
    I think Quicken should create a new category in the Income (Div, Int, etc.
    I tried to put it under Miscellaneous, but then it wants a category.
    See Attached.
    Thanks for your answer.
    There is a change in your two posts.  How do I do it vs Why not?

    I would rephrase your first line of the second post as:
    I get to to transfer Long-term Cap gain and other things.  Why not Sec 199A?

    As others have commented, Why not is because usually that info is not provided until the 1099 is issued.  Also because for most of us (I am assuming), the 199A distinction is not meaningful so it does not impact Quicken's rudimentary tax projections.  LTCG are usually provided at the time of issue and are usually meaningful (treated differently).

    Add your vote and request to the idea thread Jim linked if the distinction is important.  That is the best way to build traction.  

Answers

  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    What I usually see is that the dividends received during the year (recorded as Div transactions) already include the 199A part. The 1099 form is just breaking it into two or three parts - qualified, non-qualified, and 199A. The recorded as a straight div is adequate for me. 

    I do not transfer all of my Quicken data to my tax software. To many adjustments needed once it gets there. 
  • Charlie R
    Charlie R Member ✭✭
    I have to transfer Long-term Cap gain and other things why not Sec 199A.
    I think Quicken should create a new category in the Income (Div, Int, etc.
    I tried to put it under Miscellaneous, but then it wants a category.
    See Attached.
    Thanks for your answer.
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    edited March 29 Accepted Answer
    Is the Sec 199A income identified with each dividend payment, or only on the 1099?

    You could create your own Sec 199A  income Category and assign it to the Schedule B:Dividend income tax line item then enter it under Miscellaneous  if you want. 

    Then it will at least be identified in the Tax Schedule report.
    QWin Premier subscription
  • Charlie R
    Charlie R Member ✭✭
    I can try that, on my 1099-DIV it shows as (5) Section 199A Dividends (Box 5 is included in Box 1a) it is broken down for some reason. I just think Quicken should do it for me, it has been listed on 1099-Div for a few years. I have to break out many other things why not this, see original attachment.
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    edited March 29 Accepted Answer
    The challenge is that like qualified dividends, which are an even bigger issue, you often do not know until you get the 1099 in Jan or Feb how much of the dividend is Sec 199A.

    For more info and to vote for improvements in this area, please see this Idea post
    https://community.quicken.com/discussion/comment/20028506#Comment_20028506

    Like @q_lurker, I do not try to get Quicken to transfer data directly to my tax software. I compare Quicken reports to the 1099s I receive and enter the info manually.
    QWin Premier subscription
  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    Accepted Answer
    Charlie R said:
    At year end my broker sends a 1099-Div with Section 199A Dividends, how do I post it?
    Charlie R said:
    I have to transfer Long-term Cap gain and other things why not Sec 199A.
    I think Quicken should create a new category in the Income (Div, Int, etc.
    I tried to put it under Miscellaneous, but then it wants a category.
    See Attached.
    Thanks for your answer.
    There is a change in your two posts.  How do I do it vs Why not?

    I would rephrase your first line of the second post as:
    I get to to transfer Long-term Cap gain and other things.  Why not Sec 199A?

    As others have commented, Why not is because usually that info is not provided until the 1099 is issued.  Also because for most of us (I am assuming), the 199A distinction is not meaningful so it does not impact Quicken's rudimentary tax projections.  LTCG are usually provided at the time of issue and are usually meaningful (treated differently).

    Add your vote and request to the idea thread Jim linked if the distinction is important.  That is the best way to build traction.  
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