No Qualified Dividends Tax Assignment for Quickbooks?
Mar 14, 2010 2 Replies
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W
In Quickbooks 2007, there does not appear to be a way to assign an other income account for qualified dividends to the Schedule K-1 item for qualified dividends. Do later versions of Quickbooks offer tax support for qualified dividends on the K-1?
Dividends can be ordinary or qualified, with qualified dividends getting much better tax treatment for US citizens. The Schedule K-1 clearly has two different entry fields for ordinary and qualified dividends, so the K-1 absorbs this concept.
It would be a very bad oversight if Intuit didn't give a way to capture qualified dividends for tax purposes.
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dpb
Find the file BUSTAX.SCD and within the section for form K-1 you can add the appropriate tax code lines following the pattern of others. I've added several needed/desired ones over the years.
Of course, make a backup copy of the original before you begin... :)
Have to restart QB to read the new file after the changes as it caches them on startup too, of course...
The above assumes, of course, I interpreted your question correctly... :)
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dpb
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OK, I just needed a new one myself so I'm more refreshed in the mechanics now...
First few entries in the K-1 section here look like...
46 SYN Schedule K-1
48 LYNPC Ordinary income or loss
49 LYNPC Rental RE income or loss
I'm not sure what the LYNP or an alternate LYNN letter codes indicate; I've only copied/duplicated similarly functioning lines and added new by rote--it works fine.
The last letter is either C as here or D which is for either a Credit or Debit entry is clear by inspection.
I think the most important feature for it working correctly is for the key numeric value in the first column to be unique within the file. They do _NOT_ need to be consecutive within a section, only unique globally throughout the file. I try to add a sequentially near or in sequence value if possible, if not like here a if wanted something in the list between 48 and 49 and all closest neighbors were also used, I would choose 481 to represent 48.1 as my first choice. Then, of course, you have to do a search to ensure that 481 isn't used elsewhere. If so, try again until find an unused value.
I have not tried to investigate but I presume that once entered in the database these values are tied to previous entries so one wouldn't want to muck around and change them w/ items that have data associated with them.
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