MonikaK1
Expert Alumni

Get your taxes done using TurboTax

You need to report foreign income if you're a US citizen or resident. You'll need to report all of your income, whether it was earned in the US or abroad. 

 

If your total income is at or above the threshold for your filing status, you need to file a return and report all of your taxable income including that from a foreign source, unless you qualify to take the foreign income exclusion.

 

If you don't see specific countries mentioned on your 1099, you may see the designation "RIC", for Registered Investment Company. You can safely use the designation RIC for purposes of labeling dividends for foreign tax credit purposes.

 

If all your foreign-taxed income was 1099-reported passive income, such as interest and dividends, you don't need to file Form 1116 in order to get the foreign tax credit, provided that any dividends came from stock you owned for at least 16 days, though you will need to answer the questions in TurboTax.

 

Please see this tax tips article for more information. 

 

See this help article for more information.

 

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