1099 DIV - what to enter for FOREIGN SOURCE INCOME %s- Fgn Source Inc Total or Fgn Source Inc Qual.?

Forum|Forum|1 year ago
March 26, 2025
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Hello:

The smart check in Turbotax flagged me to enter " foreign source income" for schedule B as I have FTC with some mutual funds in my investment. on the 1099 DIV from my brokerage - on the statement, it lists them under "FOREIGN SOURCE INCOME %s" and there is a %s for Fgn Source Inc Total & Fgn Source Inc Qual.. Which one should I use to calculate the $ to enter based on the dividend from that particular mutual fund ? is this % of the total dividend for that particular fund ? thanks for your help..

AmyC

Level 15

1. The qualified foreign source income is attributable to countries and types of income where the US allows a tax credit to be claimed. The total foreign income includes items not allowed.

2. Multiply the fund income by the qualified dividend percentage.

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vs0001Author

Level 2

thanks - just to confirm. I looked at the hyperlink to IRS you sent and none apply. So i should use % given as "Fgn Source Inc Qual.." from the statement. Pl. confirm. thank you