- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
The foreign tax are taxes paid on your investment outside the United States. If you paid foreign tax, it will be entered on form 1116, Foreign Tax Credit, to claim the credit.
The total foreign sourced qualified dividends and ordinary income are reported on Form 1099-Div or 1099 Consolidated form from the brokerage firms. The amoumt on 1099-Div or 1099-Consolidated of qualified and ordinary dividends were the total amount you needed to report on your income tax.
The qualified dividends are taxed at a capital gain tax rates while ordinary dividends are taxed at a standard federal tax rates.
‎February 23, 2021
2:23 PM
4,474 Views