Question

Form 1099-DIV (Form 1120) - Entry

Accepted Answer

Please see the information below for help entering Form 1099-DIV information into the 1120 program.

Note: The numbers listed correspond to the box numbers on Form 1099-DIV.

1a

Total Ordinary Dividends

Enter on the appropriate line on Form 1120, Page 2-Schedule C

1b

Qualified Dividends

Not applicable to an 1120 C Corporation

2a

Total Capital Gain Distributions

Enter on Schedule D, Line 10

2b

Unrecap. Sec. 1250 Gain

Report as Other Income on Form 1120, Page 1, Line 10

2c

Section 1202 Gain

Report as Other Income on Form 1120, Page 1, Line 10

2d

Collectibles (28%) Gain

Report as Other Income on Form 1120, Page 1, Line 10

3

Nondividend Distributions

Not reported on Form 1120 as this is a basis reduction in the security owned

4

Federal Income Tax Withheld

Enter on estimated tax payments worksheet as a "late payment" and this will then appear on Form 1120, Page 1, Line 32

5

Investment Expenses

Enter as Other Deductions on Form 1120, Page 1, Line 26

6

Foreign Tax Paid

Manually complete Form 1118 and enter the Foreign Tax Credit calculated on Form 1120, Page 3, Line 5a

7

Foreign Country

Does not need to be reported on Form 1120 and is used to complete Form 1118, Foreign Tax Credit

8

Cash Liquidation Distributions

Not reported on Form 1120 as this is a basis reduction in the security owned

9

Noncash Liquidation Distributions

Not reported on Form 1120 as this is a basis reduction in the security owned