The income is foreign sourced, hence no 1099's. I am aware of foreign reporting requirements for the IRS and FinCEN. I'm also aware that the new tax law eliminated deductions for investment expenses and surmised that was the reason why Turbotax did not reduce the dividend income despite the expenses incurred to obtain the income. So am I correct in my understanding that the new rules penalize investors by reducing their income from passive investments, such as interest and dividends? Was this the intention of the law? It certainly discourages paying fees to investment firms.
