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Deductions & credits
In order for Turbo Tax to recognize that one dividend payment is from two different countries, I would make two 1099-DIV entries and report one-half of the dividend payment in each and split the foreign tax paid between the two entries.
- Go to federal>income and expenses>interest and dividends>1099DIV
- Enter one 1099-DIV reporting 1/2 the income and foreign tax paid for the first one
- The add a 1099--DIV and enter the second
- Now go to deductions and credits>estimates and other taxes paid>foreign tax credit
- Scroll through and answer questions until you get to a screen that says "where did you receive your Dividend income From?"
- Here you can select RIC and then in the next dropdown, select Germany
- Next screen will say income from Foreign Countries, select RIC first.
- Report the income and it will bring you back to the summary screen.
- Here you will select Germany and report Germany's income
- Here is what the two summary screens look like if you performed these steps.
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March 8, 2021
7:04 PM