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Financial Planning / Tax Strategies
|Subject: TaxCut 2011 qual. div. mistake||Date: 12/19/2012 11:01 PM|
|Author: WendyBG||Number: 117172 of 122296|
I have used TaxCut (now H&R Block At Home) software for several years.
A Motley Fool member pointed out that this software mistakenly adds in qualified dividends as ordinary income. I looked at my 2011 Form 1040 and sure enough! He is right!
I overpaid the 2011 Federal Income tax based on this mistake. I still haven't checked previous years.
How can I re-submit my 2011 income tax with a recalculated income? What is the correct way to recalculate Form 1040 Line 22 (total income) which currently adds in the Ordinary Dividends but simply ignores Qualified Dividends?
I have the same brand of tax software for 2012, so whatever I do for 2011 will also apply to 2012.
Then I have to check previous years <holding head in hands>.
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