State income taxes, Form 1099-div and 1099-b??
I filed my 2005 taxes with Turbotax (NEVER AGAIN!!) and received a letter last week from Missouri that they had never been filed... I thought Turbotax had taken care of that, but anyway, now I have to go back and file my taxes. I have a form 1099-DIV Dividends and Distributions and 1099-B Proceeds from Broker & Barter Exchange Transactions that I received from an account that I closed. I had to report this for my federal taxes, but do I have to on my Missouri taxes? And if so, where is that place on the form 1040?
Public Comments
- sOUNDS LIKE SOMETHING FELL THROUGH THE CRACKS. (sorry about the caps.) Did you make copies of your tax return. Sounds like it would be a 1099-div.
- After finding out if your returns were originally filed, you should file or amend your state and Fed returns to pick up the missing income. Otherwise you will receive a notice (maybe in a year or two) that includes additional penalties and interest. I'm not familiar with Missouri, but after looking at the state individual tax form, it looks like a piggyback state. Your adjusted gross income from your fed return flows through the state return and is taxed at the state rate, after some adjustments- none of which excludes your investment income. Regarding the fed return: Ordinary dividends from a 1099-Div will go on schedule B of your 1040 return- check to make sure this is no a nontaxable distribution though. Sometimes you may receive a 1099-Div for payments that reduce your basis in your investment but are not immediately taxable. Proceeds from a 1099-B go on schedule D of your return. The 1099-B does not include your taxable gain/loss info though. Hopefully your investment statements will provide the necessary detail to determine if this is a short term or long term activity and what your basis in the investment was.
