I have a client 1099div from the plan for a client box one is positive and box 1b is blank. Is this correct? Another client's 1099 div from direct investment in the same corporation has the same number in both boxes. I called the bank trustee about this and the said they would get back to me is two days.
-- Frederick E. Jorden
No need to wait two days. box 1b is for "qualified dividends", and all dividends just ain't so. Sure, the usual ones we see, stock from publically traded companies held for a long period of time do qualify, but some don't. On a mutual funds 1099Div, you may have 884$ total dividends but only 881$ in qualified dividends. (And then of course maybe some capital gains divs; or not Just go by the 1099-Div and insert in appropriate boxes in the software you use. You DO use tax computer software, don't you? (grin ChEAr$, Harlan Lunsford, EA n LA
25 mar 2005
The trustee bank called bank and said that the box 1b should have equaled box one. He said it was an error on the bank's part. And a revised 1099Div is on the way. I asked are you going to issue a revised 1099Div to all participants and he said I do not know. But that is not my job. If the firm involved was UPS I could have understand if the second box was zero. And I do use those dang computer things. But the most important computer to use it the one that hangs on your neck.
-- Frederick E. Jorden
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