Skip to main content

Legal

Tax & Accounting

Trade & Supply

Risk & Fraud

News & Media

Books

Developers

Interest and dividends

Enter taxable dividends

Follow these steps to enter taxable dividends and report them on Schedule B.
  1. Go to the
    Income
     folder.
  2. Go to the
    B&D
     screen, or the
    Broker
     screen if you want to enter a consolidated 1099.
  3. Open the
    Dividend income
     statement window and complete the following fields:
    1. F/S
      : If the dividend income is federal-only or state-only, code it as federal or state. If you need to report both federal and state dividend income, leave this field blank. If you have multiple states on the return, follow the steps to enter interest and dividend income for a multi-state return.
    2. TSJ
      : Code the dividend income to the Taxpayer, the Spouse, or as Joint. This field doesn't exist if you come from the
      Broker
       screen because the entire
      Broker
       screen is coded to the Taxpayer, Spouse, or Joint. The
      Dividend income
       statement automatically picks up the code from there.
    3. Type Code
      : Leave blank.
    4. Payer
      : Enter the payer name.
    5. Ordinary Dividend
      : Enter ordinary dividend amounts from Form 1099-DIV. Don't enter tax-exempt dividends in this field.
    6. Qualified Dividend
      : Enter qualified dividend amounts from Form 1099-DIV. Don't enter tax-exempt dividends in this field.
    7. Total Cap Gain
      : Enter total capital gain distribution amounts from Form 1099-DIV or similar statements.
    8. Sec 1250
      : Enter section 1250 capital gain distribution amounts from Form 1099-Div or similar statements.
    9. Sec 1202
      : Part or all of the section 1202 gain entered in this field may be eligible for an exclusion from income. The taxpayer needs to have held an interest in the RIC/REIT that sold the qualified small business stock (QSB) on the date the QSB was acquired and continuous until the stock was sold.
    10. 1202 Excl Code
      : If the taxpayer qualifies for the exclusion, enter the code that represents the exclusion, or use the field dropdown to make your selection.
    11. 28% Cap Gain
      : Enter 28-percent capital gain distribution amounts from Form 1099-DIV or similar statements.
  4. Complete any skipped fields as necessary for your client or to get a certain result on Schedule B.
  5. If you need to adjust nominee amounts, don't manually adjust the total dividend amount. Follow these steps instead:
  6. Create a 2nd line in the
    Dividend income
     statement.
  7. Enter code
    3
     in the
    Type code
     field.
  8. Enter the adjustment as a positive amount in the same column where you entered the total dividend income.
UltraTax CS calculates a subtotal of items with type code 3 and subtracts the nominee amount on Schedule B.

Related content

Related content

Chat now

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close