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Why is there"Schedule D/Capital Gain Dividends (1099-INT)" and "Taxable Dividends (1099-DIV)" for the same account being Reported to IRS?

Forum|Forum|6 years ago
June 1, 2019
4 replies
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Do I need to report both 1099-INT and 1099-DIV as Taxable Income? or is this a mistake in reporting to IRS by the Financial Institution?

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Best answer by Hal_Al

Yes, report them both.

You can safely assume the forms are correct, unless you know that they are not.

"Schedule D/Capital Gain Dividends" are not reported on a form 1099-INT, but on 1099-Div or 1099-B. But most brokers and mutual fund companies now used a combined statement that has all three on the same sheets.

SteamTrain

If the institution has issued both forms, with some $$ on each, then yes..you report both.

They are reporting separate distributions from different situations or holdings on each of the forms.

Most major institutions do it properly with some rare errors, but most would have been corrected months ago if there was an error.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

R

robert20121Author

I call the financial brokerage and they indicated that they did not file a 1099-R to the IRS. Additionally, since I did not make a withdraw in 2015, I need not report the 1099-R.

VolvoGirl

What does a 1099R have to do with this?

Hal_AlAnswer

Yes, report them both.

You can safely assume the forms are correct, unless you know that they are not.

"Schedule D/Capital Gain Dividends" are not reported on a form 1099-INT, but on 1099-Div or 1099-B. But most brokers and mutual fund companies now used a combined statement that has all three on the same sheets.