Deductions & credits

This is a longstanding issue and here is the workaround.

 

You will need 3 1099’s, one for each country.

For Canada use the original 1099-DIV and a new 1099-DIV for the Netherlands and a new 1099-DIV for Switzerland.

 

Obtain the following info: For Canada the foreign tax paid.

 

For the Netherlands, the total ordinary dividends, the total qualified dividends and the foreign tax paid.  The same for Switzerland.

 

On the original 1099-DIV in box 7, replace the entry with the foreign tax paid to Canada only.

 

Open up a blank 1099-Div.  For convenience, name the payer “Netherlands”.  In box 1a insert the ordinary dividends and in box 1b insert the qualified dividends and in box 7 the foreign tax paid to the Netherlands. Then subtract these dividend amounts from the original 1099-DIV so that the overall totals remain constant.

 

For Switzerland open up another blank 1099-DIV and use the same format as the Netherlands. 

 

You will then have 3 separate 1099-DIV’s one for each country.