Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (11) | Ignore Thread Prev Thread | Next Thread
Author: Jacabardo Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121599  
Subject: MSFT special dividend tax treatment Date: 2/2/2005 10:48 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
Hi all,

I'm sure this topic has already been covered here but I couldn't find the thread so excuse me if this is redundant. I was wondering how the MSFT special dividend is treated on my tax return. Can I use a 1040EZ, or must I use a 1040A or something else? I only had about 25 shares at the time but I'm sure I need to report this dividend.
Thanks,

-Eric
Print the post Back To Top
Author: dusty2004 Big red star, 1000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 76108 of 121599
Subject: Re: MSFT special dividend tax treatment Date: 2/3/2005 7:23 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 1
Eric:

Like all dividends it has to be entered on Schedule B if you are filing 1040 or Schedule 1 if you are filing 1040A.

Dusty

Print the post Back To Top
Author: bjwheels One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 76134 of 121599
Subject: Re: MSFT special dividend tax treatment Date: 2/3/2005 12:13 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
were those shares in a taxible account or a
roth ira? bjwheels

Print the post Back To Top
Author: Jacabardo Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 76140 of 121599
Subject: Re: MSFT special dividend tax treatment Date: 2/3/2005 2:25 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
<<<were those shares in a taxible account or a
roth ira? bjwheels>>>

They're actually DRIP shares. Looks like I'm going to need to pony up the $10 to do my taxes on the 1040A version of Turbotax! Ouch! Thats 15% of the dividend.

-Eric




Print the post Back To Top
Author: ptheland Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 76147 of 121599
Subject: Re: MSFT special dividend tax treatment Date: 2/3/2005 3:35 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 1
Looks like I'm going to need to pony up the $10 to do my taxes on the 1040A version of Turbotax! Ouch!

If money is that tight, and the return that simple, you could always use pencil and blank forms. A W-2 and softy's dividend wouldn't be that tough to do by hand.

--Peter

Print the post Back To Top
Author: ohiogang Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 76150 of 121599
Subject: Re: MSFT special dividend tax treatment Date: 2/3/2005 3:40 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 1
Not telling you to do this but.....

Frugal Friend at Work has checked out the public library's copy of TurboTax,downloaded it to his computer and has done his taxes for the past two years this way..

Print the post Back To Top
Author: dgalbraith100 Two stars, 250 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 76157 of 121599
Subject: Re: MSFT special dividend tax treatment Date: 2/3/2005 7:04 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 1
Goto www.irs.gov and follow the file for free tax links... currently Turbo tax is one of the free links... There is no requirement that they remain free, so I'd use it as quickly as I can incase Intuit decides they are losing to much money :)

laters,
-d.


Print the post Back To Top
Author: auctionnoodle Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 76203 of 121599
Subject: Re: MSFT special dividend tax treatment Date: 2/4/2005 12:12 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
Goto www.irs.gov and follow the file for free tax links... currently Turbo tax is one of the free links... There is no requirement that they remain free, so I'd use it as quickly as I can incase Intuit decides they are losing to much money :)


Are you sure they are really free? Because, if you go to Turbo Tax's website, you can also do your taxes for free - they don't charge you until you are ready to file. So, I would assume the same thing is giong on at the irs site?

-Noodle

Print the post Back To Top
Author: dgalbraith100 Two stars, 250 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 76259 of 121599
Subject: Re: MSFT special dividend tax treatment Date: 2/4/2005 10:52 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
I haven't actually used it yet, but according to the article that pointed me there.. it is free... all the way free for Federal filing...

Basically Intuit said they plan to make up the difference in selling you the add on services (audit protection, state taxes, professional review,...)

I'd at least check it out.

Laters,
-d.


Print the post Back To Top
Author: Perdition4 Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 76932 of 121599
Subject: Re: MSFT special dividend tax treatment Date: 2/17/2005 10:05 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
I believe the website is free to use for computing your taxes, but they do try to convince you to e-file upon completion for which there is a charge. If you don't e-file, it should be completely free to use.

Best of luck.

Print the post Back To Top
Author: ErinKG Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 76935 of 121599
Subject: Re: MSFT special dividend tax treatment Date: 2/17/2005 10:28 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
I believe the website is free to use for computing your taxes, but they do try to convince you to e-file upon completion for which there is a charge. If you don't e-file, it should be completely free to use.

If you link through the irs.gov website, they offer free filing as well (federal only). I did so last night and it worked great.

Erin

Print the post Back To Top
UnThreaded | Threaded | Whole Thread (11) | Ignore Thread Prev Thread | Next Thread
Advertisement