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This year I invested money in stocks for the first time. I didn't sell anything though I received $0.26 of dividends. Robinhood sent me a consolidated 1099 which contains information about the 1099-DIV, 1099-MISC and 1099-B. Everything is zero on the 1099-MISC and 1099-B forms.

My tax program (not Turbotax) asks me to fill out things like nonemployee compensation on the 1099-MISC and some other things on the 1099-B which are not reported on Robinhood's consolidated 1099. Robinhood is not able to provide anything other than the consolidated 1099. What would you recommend that I do?

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    If you didn't sell any of your securities, and there were no transactions involving your securities like a spinoff, you wouldn't have any other taxable events apart from the $0.26 of dividends. What does non-employee compensation have to do with your Robinhood account? Why do you think that number would be something other than zero? – quid Mar 8 at 18:30
  • I have absolutely no idea, I jsut got this consolidated 1099 from Robinhood which shows the 1099-DIV, 1099-B and 1099-MISC, so I thought I have to provide these in my tax program. And then my tax program asks me for those things. Or does Robinhood just always put the 1099-MISC and 1099-B on their consolidated 1099 even if I dont need them? – Luca Thiede Mar 8 at 18:38
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    If everything is zero, your tax software is just going to add a bunch of zeroes to some internal numbers. – David Schwartz Mar 8 at 19:12
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    IRS allows rounding to whole dollars... your 26 cents was rounded to zero. – user71659 Mar 8 at 19:20
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    "does Robinhood just always put the 1099-MISC and 1099-B on their consolidated 1099 even if I dont need them?" Yes. At least, I have a broker that does that. – Ben Voigt Mar 8 at 19:40
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If you receive a 1099 Form with all zeroes, treat it like you never got the Form and don’t need it. And if you are entering a form you have received into the tax software, it is okay to leave cells blank or enter 0 if that is what is shown on the form.

In your case, you have a 1099-DIV showing your $0.26 of dividends, but the other forms are empty because you had no other income. These have no effect on your taxes.

As mentioned in the comments, don’t be surprised if your tax software also rounds your dividend income to $0 as well. This is acceptable.

  • Yes, IRS prefers you round to the nearest dollar in the tax field, so unless OP has other dividends this will be a nothingburger. – Harper Mar 8 at 23:01

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