Form 1099 DIV Foreign source income

Forum|Forum|5 years ago
July 16, 2020
1 reply
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There is no box number for that. Should I include that amount in income on my taxes?

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pk_

Level 15

@tjw1127 often 1099-DIV will only show total dividends, qualified dividends, foreign taxes paid ---- for you to get credit for that tax, and IF the total amount of foreign taxes paid is equal or less than safe harbor amount ( $300 for single and $600 for joint filers ), TurboTax will automatically create the credit for you without asking for more information. You will however need the foreign source income if you are require to file a form 1666 i.e. your taxes are more than the safe harbor amount. Note the form 1666 while recognizing the full amount of taxes paid, the allowable tax credit for the year is based on a ratio of foreign income divided by world income and often is far less than the taxes paid -- the rest is up for carry back or carry forward.

Does this help or you need more on this ?

jtb5

Level 5

Hi,

HELP

First time getting a combination 1099 from a Brokerage.

1099 DIV

1- how do I find the Foreign source income

2-B7 Foreign Tax paid was $84.99. B6 has $0.00

3- I see a F1116 not a F1666

DaveF1006

Level 15

If you are trying to determine the foreign sourced income amount from your qualified dividends that are reported on the 1099 DIV, this IRS article is a handy guide for determining the amount of qualified dividends that are foreign-sourced. With the small amount of foreign tax that was paid, I would recommend placing a 0 for foreign sourced income, as the article suggests.

If you are looking for the foreign source income, it may be disclosed in a statement that came with the 1099 DIV but if not, use the suggestion that the IRS made in iits article as well as my own suggestion. With that amount of foreign tax, I would suspect that the foreign sourced income is taxed at 0%.

The foreign tax paid will be put into Box 7 of the 1099 DIV form and the correct form is Form 1116.

@jtb5

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