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Schedule B Tax report issues

jon857

Executed the Schedule B - Interest and Dividends Tax Report and caught that the report is missing a Dividend distribution that is present in the position transactions screen. Double checked and all information for this entry is identically entered for this position for all other dates in the calendar year. Then ran the Quicken Reports Tax Schedule report and now all transactions are reported. Anyone else experience this issue? Any fix available?

Running Q Mac Deluxe 6.11.1 under OS 10.13.6

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Mark1104

@jon857 - what type of transaction is it? DIV? CGLong CGshort? something else?

DIV and CGShort should be on Schedule B - because that is the way it is reported to the iRS
CGLong should be on SChedule D - and not on Schedule B- because that is the way it is reported to the IRS

jon857

Thanks for responding!

This is a Dividend distribution.

Yes it should be reported on the Schedule B report.

Problem is with the report. The transaction appears in the correct section of the Tax Schedule report so that confirms that the entry is recorded properly and is presented in the global Tax Schedule report but it is omitted in the Schedule B - Interest and Dividend report.

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jacobs

Is it in a taxable account (i.e. Brokerage, not Retirement)? Is the security which paid the dividend checked on its set-up screen as a tax-exempt security?

jon857

Thanks for reaching out & offering a suggestion to troubleshoot this issue.

Yes this is in a taxable brokerage account but the overriding situation is that only 3 quarterly dividend distributions were captured by the Schedule B report where the Tax Summary report presented all 4 quarterly distributions.

If these reports were not vigorously validated & therefore can not be relied on to provide an accurate presentation then I might as well resort to a legal pad and calculator to prepare for my taxes which is nonsense. That's why we all put all the effort into accumulating this QM data base.

Mark1104

@jon857 - the 'system of record' and what is reported by your financial firm to the IRS is the form that comes in the mail (1099-B, 1099-DIV and 1099-INT).

I would NEVER rely on Quicken's information as it is not the 'system of record'.

if the IRS comes calling for an audit, they are going to want to review the documents that came from your financial firm and not your Quicken records in any event.

In a way, Quicken's records are just a glorified legal pad