- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
According to this link from super awesome Turbo Tax agent ThomasM125, "You would enter a mock form 1099-DIV entry in TurboTax. You would enter the income in box 1(a). Only domestic companies would pay qualified dividends, so box 1(b) would be left blank. You would enter the foreign tax paid in box 7
You would also enter a Mock 1099-INT with the interest paid in Box 1. You will enter the foreign tax paid in Box 6 in the 1099-INT section..
You will get a foreign tax credit for both. If the foreign taxes are under $600 married or $300 single filer, you only need to enter the form 1099-DIV or 1099-INT to get the credit. If they are more, you need to answer the questions in the "Foreign Taxes" section in TurboTax, under "Estimates and Other Taxes Paid", in the "Deductions and Credits" section of TurboTax.
The only other thing you should need to enter would be capital gain distributions in box 2(a) of the 1099-DIV. if only you are aware of these."
Note: When you enter information for each of the 1099's, one screen will ask if you want to import, choose to change how I enter my form. Next screen will ask How do you want to add your 1099‑INT or 1099-DIV, indicate you will type it in yourself.
**Mark the post that answers your question by clicking on "Mark as Best Answer"