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Traditional IRA Dividends Reinvested

Taxman707
Level 2

My client's 2019 1099-DIV from his traditional IRA reports ordinary, qualified and capital gains dividends, all of which were reinvested. Does he need to report these? If so, what is the procedure?

Thanks for any help,

TM707

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abctax55
Level 15

I agree with Lisa.... I've never seen one either.

I *have* seen, especially in recent years, K-1's for IRA's.  Which can be very confusing (and no, those don't get reported on the F 1040).

Former Chump..oops..AllStar...I used to be a people person, then people ruined it


If a post answers your question, click on *Accept as solution* for future searches

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Just-Lisa-Now-
Level 15
Level 15

Ive never seen a 1099DIV issued for an IRA account (it would be too easy to accidentally include it on a tax return)..are you sure thats what you have there?  You're sure its an IRA account?


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Taxman707
Level 2

Hi Lisa:

On closer inspection, you are correct. This appears to be an investment account. Would that make all the dividends taxable in the year they are paid, even though they were reinvested?

TM707

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IRonMaN
Level 15

Yes

ACME Taxes, Tattoos, Tires and Tasmanian Devils - one free devil with every return.
abctax55
Level 15

I agree with Lisa.... I've never seen one either.

I *have* seen, especially in recent years, K-1's for IRA's.  Which can be very confusing (and no, those don't get reported on the F 1040).

Former Chump..oops..AllStar...I used to be a people person, then people ruined it


If a post answers your question, click on *Accept as solution* for future searches

View solution in original post

Just-Lisa-Now-
Level 15
Level 15

@abctax55 wrote:

I agree with Lisa.... I've never seen one either.

I *have* seen, especially in recent years, K-1's for IRA's.  Which can be very confusing (and no, those don't get reported on the F 1040).


Ive seen a few of those IRA K-1s too!!


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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George4Tacks
Level 15

Hi there,

You’ve come to an Intuit site supporting tax professionals, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support.

Cheers!

P.S. Look more closely at the 1099-DIV. If it has the SSN, it is NOT from an IRA.


ex-AllStar
IRonMaN
Level 15

I'm going to guess that your client has a couple of accounts with a broker.  One is an IRA and one isn't.  Sounds like you are looking at a 1099 for the "isn't" account and yes, you need to report it.

ACME Taxes, Tattoos, Tires and Tasmanian Devils - one free devil with every return.
Taxman707
Level 2

Hi IRonMaN:

You called it. Reports for several accounts were mixed together in the clients documents.

Thanks,

TM707

IRonMaN
Level 15

You betcha!

ACME Taxes, Tattoos, Tires and Tasmanian Devils - one free devil with every return.
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