Entering 1099-DIV information correctly in TaxWise ensures accurate reporting of dividend income on your client’s return. Follow these step-by-step instructions to complete the process:
Step-by-Step Instructions
Add the Schedule B to the Return
Start by adding Schedule B to the tax return. This form is necessary for reporting dividend income.
Add Schedule B to the Return
Press the + button to add Schedule B to the return. This ensures you’re ready to input the dividend details.
Link the Dividend Statement Form
Under the Ordinary Dividends section, locate the first line. Click the gray triangle to link the Dividend Statement form.
Attach Additional Forms
Use the paperclip icon to link any additional forms related to dividend income.
Create a New Entry
Click New to start a new entry for the dividend information.
Select the Correct Line
Choose Dividend Stmt - Schedule B Line 5 Dividend Income from the options.
Enter the Payer’s Information
Input the payer’s name. This is the entity listed as the sender on the 1099-DIV form.
Input Remaining Information
Enter all other details exactly as they appear on your client’s 1099-DIV form. Ensure accuracy to avoid discrepancies.
Additional Resources
For a step-by-step visual tutorial, refer to this guide: 1099-DIV Entry Tutorial.
Entering 1099-DIV information in TaxWise is a straightforward process when you follow these steps. Accurate input of dividend income ensures compliance and minimizes errors in your client’s tax return. If you encounter any difficulties, consult the tutorial linked above or contact support for assistance.