Susan, I am replying to you because you are the most recent employee to post to this thread.
Frankly, I share everyone else's frustration. I've read through this thread, and there seem to be different methods folks have used, each claiming they've worked for them. All this advice has left my head spinning. I'm hoping you can help me figure out the best approach for my specific situation.
I own stock in a Canadian company that pays good dividends, which Canada taxes generously. The taxes paid are greater than the $600 limit for filing jointly.
I also have a large number of stocks managed by a financial services company, including some foreign companies. On the 1099-DIV, they list a single "Foreign Tax Paid", and "Various" for the "Foreign Country or U.S. Possession." (The total taxes paid is well under $600.) However, in the Supplemental Information section, a detailed country-by-country breakdown of the foreign income and taxes is provided.
My question: Do I need create a bunch of "dummy" 1099-INT's for the countries (and U.S.) managed in my stock portfolio account, or can I simply enter information for "Canada" (for the single stock) and "Various" (for the managed portfolio) in TurboTax?
And in case it isn't clear, my intent is to file for the credit.
Thanks so much for any advice/direction you can provide!
