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Strategies & Market Trends : Value Investing

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To: Elroy who wrote (72374)	2/19/2023 9:46:48 PM
From: E_K_S	Read Replies (1) of 78714

OT - 1099 What's reported to the IRS I was going through my detail 1099 paperwork (174 pages !) and noticed that only a few of the summary totals are actually reported to the IRS. Most of that detail IS NOT Reported to the IRS. I see that WMB & KMI is broken out as qualified & non-qualified on my Schwab 1099. There is a section titled Nondividend Distributions (Return Of Capital) which totals to Box 3. I have several REITs along w/ KMI & WMB that go into that total for BOX 3. I suspect BGS will get adjusted as I described in my earlier post and be added to this section and the total for BOX 3. So, Box 1b is the "Total Qualified Dividends" amount and s/d be reduced while Box 3 s/d be increased by the amount of ROC. I believe these 'total' amounts can be manually entered/adjusted in Turbo Tax AFTER you upload the 1099. That is what I am planning on doing. --------------------------------------------------------- Recall that MLPs also have a component of ROC you must adjust when selling any MLP shares (FIFO shares). You get that from the K1 reports that s/d be available starting next week for several of the MLPs. That results in higher Ordinary Income totals after the adjustment of the cost basis.

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