DaveF1006
Employee Tax Expert

Deductions & credits

If you do not know what portion of your 1099 DIV amounts are foreign and if you do not have any documentation stating what amount is your foreign dividend amount is, or the percentage for determining it, you need to contact your broker to get that information.

 

Keep in mind, if your foreign tax credit that you are trying to claim is $300 or less ($600 if married filing jointly), you do not need Form 1116 thus you do not need to separate out the foreign dividend amount. If however you had a foreign tax carryforward from the previous year, then you need the Form 1116 thus need to report the foreign dividend amount.

 

Hope this helps.

 

@fjkeimel

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