There are many reasons you could have received a notice regarding your Form 1099-INT Interest Income and/or Form 1099-DIV Dividends and Distributions . The most common reasons are listed below:
- The form was never entered into the TaxAct® program and the income was not reported elsewhere on the return. (According to the IRS instructions, the payer is only required to send you a Form 1099-INT or Form 1099-DIV if the interest or dividend income exceeds $10; however, you are responsible for reporting ALL interest and dividend income, regardless of the amount.)
- Entry error:
- Example of a transposed number: The number that should have been entered was $21,123; instead the user entered $12,123. This would have caused a difference of $9,000 in underreported taxable income.
- Example of an omitted number: The number that should have been entered was $21,123; instead the user entered $2,123. This would have caused a difference of $19,000 in underreported taxable income.
- The form imported from a previous year’s tax return, but only the payer’s information was transferred. The user did not enter the information for the current tax year.
- You entered the interest and/or dividend income, but indicated the amount was federal and/or state exempt.
To access Form 1099-INT, go to our Form 1099-INT - Entering in Program FAQ.
To access for Form 1099-DIV, go to our Form 1099-DIV - Entering Dividend Income in Program FAQ.
Note that any link in the information above is updated each year automatically and will take you to the most recent version of the webpage or document at the time it is accessed.