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Reinvested Dividends with no 1099-DIV?


Hi,
I started a money market fund, a Coverdell Education Savings and a Roth IRA in 2007. I am reading about reinvested dividends and what I should do with my taxes. Per my understanding, the Roth I don't pay taxes on. The Coverdell says 'tax deferred dividends' so I believe I don't pay taxes on these. The only one I am confused about is the Money Market Fund. I use Taxact and it states that I have to claim this amount, but I didn't receive a 1099. I only made $7.89 in rein. div. for 2007. Do I not claim because it was so small? Is there a website that someone knows of that can give me more info on how to handle this? Thank you in advance for your help.

I figured the amount from my year end statement. I know I am jumping to conclusions but if I don't get a 1099, do I just imput the info without a Payer ID # (does it really matter?)or should I call to get one?

The Payer ID is not required. Your money market dividends are reported as dividends on Schedule B. All amounts are required to be reported whether a 1099DIV was issued or not.

The payer is not required to issue a 1099DIV for amounts less than $10.

Earnings on Coverdell savings accounts and Roth IRAs are not recorded on your tax return if no withdrawals are taken.

You should get a 1099-INT for the taxable interest. They don't have to mail this until the end of the month, so you'll have to wait a while for it.

You'll get a statement from the Money Market fund that shows the reinvested dividends. Since you already know the amount you've probably already got that statement. You must claim them as income on your 2007 return, whether you receive a Form 1099-DIV or not.

When the amount is less than $10, a 1099 is not required, but you are still required to claim it on your taxes.

01.20.2008
IRS requires dividends, received in cash, credited to accounts or reinvested in stock, mutual funds shares, other investments etc., be declared taxable income- with certain exceptions. You are correct-IRA and similiar investments are NOT tax exempt but instead are tax deferred until later time. Otherwise key is amount. Amounts $10.00 or MORE payer required provide 1099-Div. Amounts $9.99 or LESS payer NOT required provide 1099-Div. IRS does NOT require dividedns $9.99 or LESS be reported as income; but if you wish, you can report voluntarily. Choice is yours.

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