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#2
03-07-2005, 09:48 AM
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 Re: Dividends paid in 2005, on corrected 1099 michaeljc70[at]hotmail.com writes: - quote - > I received my 2004 1099 for dividends from my brokerage
Doesn't matter. Tax law says that certain mutual fund> (late I might add) and filed my 1040. Now, my brokerage has > issued a corrected 1099. > I tracked down the difference and apparently VTI paid > dividends on 12/27/2004. This was credited to my account on > 1/6/2005. I am a cash-basis tax payer. Should I: ^^^^^^^^^^^^^^^^^^^^^^^^^^^ distributions declared in Year X but paid in Year X+1 are nevertheless taxable income for Year X. You need to report them on your 2004 return. - quote - > 1) File an amended return with including the dividends
Yes.> received in 2005 - quote - > 2) Include the dividends on my 2005 return since that
No.> is when I received them -- Rich Carreiro rlcarr[at]animato.arlington.ma.us << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
03-07-2005, 09:48 AM
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| Re: Dividends paid in 2005, on corrected 1099 <michaeljc70[at]hotmail.com> wrote: - quote - > I received my 2004 1099 for dividends from my brokerage
First, does the additional income increase your income tax?> (late I might add) and filed my 1040. Now, my brokerage has > issued a corrected 1099. > I tracked down the difference and apparently VTI paid > dividends on 12/27/2004. This was credited to my account on > 1/6/2005. I am a cash-basis tax payer. Should I: > 1) File an amended return with including the dividends > received in 2005 > or > 2) Include the dividends on my 2005 return since that > is when I received them If not, ignore it. If it increases your tax, then amend your 2004 tax return. A mutual fund is allowed to declare a dividend in December and pay it in January, and consider it part of its income distribution for 2004. It has to distribute substantially all of its income to avoid paying taxes itself. __ Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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03-07-2005, 09:10 AM
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| Re: Dividends paid in 2005, on corrected 1099 <michaeljc70[at]hotmail.com> wrote: - quote - > I received my 2004 1099 for dividends from my brokerage
File an amended return for 2004. Stock market index funds> (late I might add) and filed my 1040. Now, my brokerage has > issued a corrected 1099. > I tracked down the difference and apparently VTI paid > dividends on 12/27/2004. This was credited to my account on > 1/6/2005. I am a cash-basis tax payer. Should I: > 1) File an amended return with including the dividends > received in 2005 > or > 2) Include the dividends on my 2005 return since that > is when I received them are one of several types of entities that can make taxable distributions after the end of the tax year. This dividend is reportable in 2004. Ira Smilovitz << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
03-04-2005, 12:13 AM
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| Dividends paid in 2005, on corrected 1099 I received my 2004 1099 for dividends from my brokerage (late I might add) and filed my 1040. Now, my brokerage has issued a corrected 1099. I tracked down the difference and apparently VTI paid dividends on 12/27/2004. This was credited to my account on 1/6/2005. I am a cash-basis tax payer. Should I: 1) File an amended return with including the dividends received in 2005 or 2) Include the dividends on my 2005 return since that is when I received them << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| 1099, 2005, corrected, dividends, paid |
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