Pennsylvania Dividend Equivalent Shares
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How to fill out Dividend Equivalent Shares?
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FAQ
The Internal Revenue Code provides that a cash distribution (e.g. a dividend) made by a corporation to its shareholders out of its current year E&P and accumulated E&P, if any, is a qualified dividend and shall be included in gross income.
Pennsylvania personal income tax is levied at the rate of 3.07 percent against taxable income of resident and nonresident individuals, estates, trusts, partnerships, S corporations, business trusts and limited liability companies not federally taxed as corporations.
Any amount designated as capital gain is fully taxable as dividend income for Pennsylvania purposes. Exempt interest dividends from states other than Pennsylvania or other than exempt federal obligations are taxable income for Pennsylvania personal income tax purposes.
Only federally exempt interest dividends that are derived from Pennsylvania state and local bonds are exempt for personal income tax purposes. Federally exempt interest dividends that are not derived from Pennsylvania state and local bonds are fully taxable for personal income tax purposes.
Some types of income are exempt from Pennsylvania state income tax, including child support, alimony, unemployment payments, and some capital gains on the sale of a primary residence. Some deductions are allowed for contributions to educational savings accounts and medical or health savings accounts.
Strategies such as contributions to retirement accounts and health savings accounts (HSAs) may reduce your income below the zero-capital gains tax threshold. As a result, you wouldn't owe any taxes on qualified dividends.
PURPOSE OF SCHEDULE Use PA-40 Schedule B to report the amount of dividend in- come earned and reported for federal income tax purposes from: ? U.S. corporations; ? Foreign corporations; ? Mutual Funds; ? Other corporate capital investments.
Whereas ordinary dividends are taxable as ordinary income, qualified dividends that meet certain requirements are taxed at lower capital gain rates. The payer of the dividend is required to correctly identify each type and amount of dividend for you when reporting them on your Form 1099-DIV for tax purposes.
