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Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4232
Experience:  Adjunct Professor
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TAXPAYER CHILD UNDER 18 RECEIVED DIVIDEND USED TAX FORM 8814

This answer was rated:

TAXPAYER CHILD UNDER 18 RECEIVED DIVIDEND USED TAX FORM 8814 TO REPORT ORDINARY AND QUALIFIED DIV
BUT WHERE DO I REPORT ON THE 8814 TAX FORM DOES NON DIVIDEND $56.00 ON THE 1040 FOR A CHILD DIVIDEND INCOME ?

Hey! I'm Carter, I'm a CPA and can help you out.

Nondividend distributions do not get reported on your taxes. They lower your basis in the stock, which your broker will track.

Let me know if you need anything else. If not, please leave a rating. Thanks!

Customer: replied 2 days ago.
THANK YOU , WHAT ABOUT SECTION 199A DIVIDEND WHERE DOES THE $11.76 GO ON THE 1040 FOR THE CHILD

20% will go on Line 1040 of the Form 1040.

Customer: replied 2 days ago.
20% WHICH IS $2.35 GOES ON WHICH LINE OF THE 1040?
Customer: replied 2 days ago.
THIS SECTION 199A FOR DIVIDEND ON THE SAME PLACE FOR QUALIFIED DIVIDEND FOR THE CHILD THIS NOT A TRADE OR BUSINESS

Line 10

Customer: replied 2 days ago.
THIS NOT A TRADE OR A BUSINESS THIS A CHILD 15 YEARS OLD STOCKS PAYING DIVIDEND

IRC 199A is the qualified trade or business income deduction. It's 2 parts, 1 part is for people with a trade or business and another part is for people with PTP dividends, i.e. 199A dividends. 20% goes on line 10.

Carter McBride and other Tax Specialists are ready to help you