I'm confused about a 1099 statement

debodun

debodun

SF VIP
Location
way upstate in New York, USA
Box 1a shows "Total Ordinary Dividends"
Box 12 shows "Exempt-Interest Dividends"
Box 13 shows "Specified Private Activity Bond Interest Dividends"

I want to know my total interest. Are these separate amounts that should be added together to get the total, or are they all part of one amount?
 

debodun said:
Box 1a shows "Total Ordinary Dividends"
Box 12 shows "Exempt-Interest Dividends"
Box 13 shows "Specified Private Activity Bond Interest Dividends"

I want to know my total interest. Are these separate amounts that should be added together to get the total, or are they all part of one amount?
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Dividends and interest are two different things and are taxed differently.
 
I have no idea. That looks like muni bond income and I don’t invest in it, so don’t know.
I use TurboTax to import all the box data from the 1099 brokerage account statement. I just enter the account number/password and it transfers everything from the broker into the appropriate tax forms. I sure hope it’s right. Ha!
 

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debodun said:
Are these separate amounts that should be added together to get the total, or are they all part of one amount?
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I think they are all separate amounts, so if you want to add them together just for your own purposes to know how much total you earned on that investment, I think that would be correct to add them together. (but must be separate on tax form reporting).

So they aren't like ordinary and qualified dividends where the qualified amount would just be a subset already part of the total for the ordinary dividends.

Of course I might be wrong, I'm not a tax professional. :)
 
hollydolly said:
I really feel for you guys having to do all your own taxes.. do you have to do them every year ?.. and why do you have to do them once you're retired ?
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Yup DH has started the yearly, "Ugh, taxes. I hate taxes." While pulling on his hair. He insists on doing them himself. He would never take them anywhere. Don't ask me.
It's easier since kids left home and we retired. He uses Turbo Tax.
 
My belief is that they are all separate and distinct amounts that you would add together.

If not, you would run the risk of overpaying tax when listing the various amounts in your tax return.

I’m still waiting for my SS earnings and a small annuity, hopefully they will arrive on Monday.

I do a rough estimate and then bundle everything up and mail it to the accountant.
 
hollydolly said:
I really feel for you guys having to do all your own taxes.. do you have to do them every year ?.. and why do you have to do them once you're retired ?
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It depends on income.

For those over 65:
Single$16,550 or more
Head of household$23,850 or more
Married filing jointly$30,750 or more (one spouse under 65)
$32,300 or more (both spouses 65 or older)
Married filing separately$5 or more
Qualifying surviving spouse$30,750 or more

IMO it’s a good idea to submit a return no matter what your income.

It could help when applying for various forms of financial assistance based on income.

In the United States the IRS runs a shadow tax return, using data supplied by financial institutions and employers, that gives them a basic idea of our tax liability.
 
Aunt Bea said:
It depends on income.

For those over 65:
Single$16,550 or more
Head of household$23,850 or more
Married filing jointly$30,750 or more (one spouse under 65)
$32,300 or more (both spouses 65 or older)
Married filing separately$5 or more
Qualifying surviving spouse$30,750 or more

IMO it’s a good idea to submit a return no matter what your income.

It could help when applying for various forms of financial assistance based on income.

In the United States the IRS runs a shadow tax return, using data supplied by financial institutions and employers, that gives them a basic idea of our tax liability.
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Agree with statement i made bold. Here in NM and possibly other states with an income tax the online prep places require us to file Federal form even tho for some of we'll neither owe or get refund on that. However, NM has generous tax credits for seniors and i always get refund from state.

What is more if there's any chance of some windfall income--you play the lottery regularly or know you're in the will of someone who will likely pass before you-- filing every year could prevent an audit which can be triggered if there's a gap in filing.
 
We've used Turbo tax for several years now. By Jan. 25th. all taxable income including Soc. Sec. & gambling winnings were ready to file. Used the auto transfer of Fidelity accounts, self entered the Soc. Sec. & gambling filed electronically. On Jan. 28th. IRS confirmed and accepted the filing.
Didn't much like the way the winnings jacked up our taxes but set aside a few thousand from the wins to cover that, glad I did.
 
hollydolly said:
I really feel for you guys having to do all your own taxes.. do you have to do them every year ?.. and why do you have to do them once you're retired ?
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I'm actually happy to pay taxes, but I sure hate doing them. Someone at the IRS seems to double check my work, sometimes they tell me I paid too much and they send me a check. Sometimes, I don't pay them enough, and they need more money.

But I keep thinking if they're going to double check and find my mistakes, anyway, why don't they just do my taxes and send me a check or the bill? Hell, they could even add a $50 fee for doing my taxes, and I'd be fine with that.
 
Box 1a Are taxable dividends
Box 12 is interest that are is taxable
The total amount of money you received is the total of the two.
 
It took me about 2 hours to do ours on Turbo Tax, with Business (DH). E-filed, already accepted.
Guess I am weird, I really enjoy doing income taxes and don't mind paying but don't want to overpay.
Arizona is a very Sr and Veteran friendly tax state.
 
hollydolly said:
I really feel for you guys having to do all your own taxes.. do you have to do them every year ?.. and why do you have to do them once you're retired ?
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I don't do my my own taxes. I have a tax accountant who has done them for years. I just put all the forms/receipts together along with a cover sheet listing all that is included. He does the rest.

Re: taxes for retirees, many of us receive Social Security and some capital gains are also taxed. My hubby also worked until August 2024, and we file jointly so he had income.
 
JustDave said:
I'm actually happy to pay taxes, but I sure hate doing them. Someone at the IRS seems to double check my work, sometimes they tell me I paid too much and they send me a check. Sometimes, I don't pay them enough, and they need more money.

But I keep thinking if they're going to double check and find my mistakes, anyway, why don't they just do my taxes and send me a check or the bill? Hell, they could even add a $50 fee for doing my taxes, and I'd be fine with that.
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You really want the government doing your taxes? They can't get anything else right....why would we expect them to do your taxes correctly?
 
JustDave said:
I'm actually happy to pay taxes, but I sure hate doing them. Someone at the IRS seems to double check my work, sometimes they tell me I paid too much and they send me a check. Sometimes, I don't pay them enough, and they need more money.

But I keep thinking if they're going to double check and find my mistakes, anyway, why don't they just do my taxes and send me a check or the bill? Hell, they could even add a $50 fee for doing my taxes, and I'd be fine with that.
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everyone who is employed except the self employed in the UK has the govt do their taxes... only the self employed have to do their own taxes, and usually that's done by an accountant...

We don't do taxes once we're retired unless we're very rich... but during our working years the govt automatically des our taxes , and like you we get a cheque if we've overpaid.. and request for more if we've underpaid, usually that underpayment is taken direct from salries..

No-one on Social security pays taxes...
 
jujube said:
You really want the government doing your taxes? They can't get anything else right....why would we expect them to do your taxes correctly?
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You have a point. Even when they make corrections to my work, I'm not sure which one of us is right. None the less, what they say I owe cancels what I think I owe, so why they ask me what I owe seems like a waste of time.
 
I used to do my own, but back in 2002 I made a mistake. The IRS doesn't let you know right away - they let 2 or 3 years go by, then sock you with interest and penalties. I ended up owing them $40K. I took it to a different CPA back then and i didn't know what he did, but it was resolved and I didn't have to pay. Since then I have a CPA do my taxes. That way I have someone to explain things if a problem arises.
 

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