The 1099-INT is an interest statement, and the 1099-DIV is a dividend statement. These are both reported on the Schedule B. There is an Interest Statement and a Dividend Statement which you can link to from line 1b (for interest) or 5a (for dividends) of the Schedule B by pressing F9. Use these statements if there are more than six items of interest income or more than 10 items of dividend income, or if you need a worksheet to enable TaxWise to correctly handle interest or dividend income, regardless of the number of items. If you use the statement, make all entries on the statement. Below is information on how to use the columns (these are for interest, but some apply to both interest and dividend statements. Information on dividend only columns is below.): Payer (interest and dividend statements) - Type the name of the Payer.
Box 1 or 3 amount- Type the total amount of interest paid.
TSJ (interest and dividends)- If you need to split income between taxpayer and spouse on the state return or to compare married filing joint vs married filing separate, use this column. Type "T" if the interest is owned by the primary taxpayer; type "S" if owned by the spouse; type "J" if owned jointly. The amounts entered as "J" (joint) will be split at 50% for the taxpayer and the spouse.
State adjust +/- Amount(interest and dividends)- These columns affect the state return only. If the interest is taxable on both the U.S. and state returns, leave the +/- and Amount columns blank. Use these columns only if the interest must be handled differently on the state return than on the Federal return. Some states require a letter instead of the +/- so be sure and check the state instructions.
The use of these columns will vary from state to state. To determine exactly how to use these columns, look at the on-line instructions for the state involved. Press F1 while a state form is visible on your screen to see on-line state instructions.
NAEOB (interest only)- This column affects the Federal return only. Each letter stands for a different possible adjustment to interest income. Type the correct letter in this column (N, A, E, O or B)if applicable. If you are unfamiliar with these adjustments, consult a tax reference such as IRS Publication 17.
- N = Nominee Distribution
- A = Accrued Interest
- E = Tax Exempt
- O = OID Adjustment (Original Issue Discount)
- B = ABP Adjustment. (Amortized Bond Premium)
NAEOB Amount (interest only) - Enter the amount of interest which qualifies for A, O, or B designation, even if it is the same as the amount entered in the Amount column. The amount will be carried to the correct entry on Schedule B.
AMT PAB Interest on a private activity bond (PAB) that is a qualified bond is tax-exempt but it may be subject to the alternative minimum tax (AMT). If this applies, enterthe amount of the tax-exempt interest. You must also enter the letter E in the NAEOB column and the exempt amount in the NAEOB Amount column. TaxWise calculates this amount to Form 6251, Alternative Minimum Tax (AMT), line 11. For more information see IRS Publication 550, Investment Inco
Additional Information
Para obtener la versión en español de este artículo de Knowledge Base, haga clic aquí:Ingresando información de 1099-INT y 1099-DIV en TaxWise
