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tax-doctor, Tax Preparer
Category: Tax
Satisfied Customers: 637
Experience:  Federal, State and local income tax preparation
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Preparing Schedule B form 1040 "interest and dividend income".

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Preparing Schedule B form 1040 "interest and dividend income". Vanguard reported NYS tax exempt dividend income(1000) on form 1099Div. Question is do I report the 1000 exempt dividend on line 8(b) of form 1040 or on schedule B Part ll as both dividend income received and dividend excluded as exempt income.

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tax exempt dividends are recorded on 1040 line 8(b) only and not included in come.

only taxable dividends are reported on schedule B

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Customer: replied 3 years ago.

Problem is when I filed my NYS tax return the tax exempt divividend was added back to to NYS taxable income but if I reported it on schedule B as both interest income and deducted as tax exempt income deduction as offsetting amounts reported on part i - line #1, which will also be reported on 1040 line 8(b). Pls advise.