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Preparing Schedule B form 1040 "interest and dividend income".

Vanguard reported NYS tax exempt...
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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Answered in 16 minutes by:
3/4/2013
tax-doctor
tax-doctor, Tax Preparer
Category: Tax
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Experience: Federal, State and local income tax preparation
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hello, my name is XXXXX XXXXX i'll be happy to answer this question for you today.

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

only taxable dividends are reported on schedule B

if I maybe of further assistance on this topic please feel free to ask and I'll follow-up asap.

once you're fully satisfied with my answers please rate them so that I'm pd for my answers.

Thank you!

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Customer reply replied 4 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.

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