1099-DIV and K1 - Double Reporting

jac3r333

I am making an amendment to add my limited partnership income and make sure a K1 is added for our joint filing. However, I previously reported the 1099-DIV income for the same amount that had flowed to us. It looks like I can't add a negative value to offset this, but would like this to be there and transparent. How can I only report and be taxed for the income once but both add our K1's and the 1099-DIV amount? Currently when I add the K1 with the same value, the amendment asks me to pay in this amount which I had reported and accounted for with the 1099-DIV value.

Thank you!

KristineS

Hi Jacer333,

When entering information from Schedule K-1 in FreeTaxUSA software, some entries on the form may need to be entered twice, once for the box on the K-1, and elsewhere in FreeTaxUSA software. Although it is reported twice, it doesn't mean you're being taxed twice.

The 1099-DIV is a perfect example. Box 6a for instance, is Ordinary Dividends on a Partnership K-1. In FreeTaxUSA software, an alert will prompt you to also enter this amount on Line 3b of Form 1040. However, if you received a separate individual Form 1099-DIV for the same amount of dividends from this partnership, you may need to double check with the preparer of the partnership return.

I recommend you please log in to your account and work with Support for additional help to ensure this is not a double entry.