Foreign Dividends Received

Forum|Forum|4 years ago
March 12, 2022
6 replies
66 views

In TurboTax, I entered the foreign taxes paid that is on my Fidelity 1099-DIV.

Now TurboTax is asking for Foreign Dividends Received.

My 1099-DIV Supplemental Information shows the foreign tax was from mutual funds (RIC). And it breaks the Dividends down between Qualified and Nonqualified.

What do I enter for Foreign Dividends Received? Is it the Qualified? The Nonqualified? Or do I add them both together?

I have seen similar questions to this asked a few other times on this forum but the answers are not very clear.

Thank you!

pk_

Level 15

@rannr925 ,

1. Assuming that you have brokers' consolidated report, in the back pages you should find (a) total foreign taxes paid; (b) the mutual fund which had foreign income; (c) for the fund that invested in foreign entities, the percentage invested in foreign funds. Once you have that , you them multiply the total dividend earnings from that fund by the percentage foreign investment -- that is your foreign dividend income. Also it is extremely rare for the foreign dividend earnings to be qualified ( and if that is true then there is treaty conditions to be considered ) -- generally they are ordinary dividends --NOT Qualified.

2. If you have only a 1099-DIV and no backup information, then you have to get these details form your broker -- call him/her for help

Is there more I can do for you ?

rannr925Author

Level 2

Thank you.

Yes, I have the broker's consolidated report. Yes, I have the Supplemental Information in the back pages.

Yes, I have (a) total foreign taxes paid

(b) the mutual fund which had foreign income - there are multiple and they are listed as RIC because they are from various countries

Is the foreign dividend income the same as the Foreign Total Income? That total is listed.

rannr925Author

Level 2

Can anybody else answer this question for me?

LoganathanB

Level 7

Yes for availing of the foreign tax credit through form 1116, the foreign dividend income is the same as the Foreign total income.

You can find the information on the statement in the details about the dividends. Not every brokerage firm 1099-B will look exactly the same but it should look something like either of these screenshots below: