apolloxxx
New Member

How to enter box 7 for 1099-DIV? and in general how to enter 1066 foreign source of income for foreign tax paid?

 
LisaBr
New Member

Deductions & credits

If the amount in box 7 of your 1099-DIV is more than the following amount you will need to enter it under Foreign Tax Credits under Deductions and Credits.  If the amount is below the following criteria, you don't need to enter it at all.

      - are not Married Filing Joint and have more than $300 of foreign taxes withheld, or,
      - are Married Filing Joint and have more than $600 of foreign taxes withheld.

To open up the 1099-DIV to add boxes 2b through Box 11.

Look under Box 1b-Qualified Dividends and Box 2a-Total Capital Gain Distributions.  You will need to check the small box (My form has info in more than just these boxes) directly under these boxes.  Once you check this box it opens up many more options, including the Box 6, Foreign Tax Paid

To report the Foreign Tax Paid and record the source of foreign income:

1.  Go to Deductions and Credits.

2.  Select Estimates and Other Taxes paid.  From here you will choose Foreign Taxes.

3.  The opening page requires you to Continue.  The next page is Tell Us About Your Foreign Taxes, you will check the first box that you don't have any other Foreign Tax except those entered on 1099-DIV.  Continue.

4.  The form to claim Foreign taxes is 1116 which TurboTax will help you complete by Continuing.  (Form 1066 is U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return. 

5.  The next page will help you decide if you need to include as Itemized Deduction or take the Credit.

jholtz1
New Member

Deductions & credits

I am pulling my hair out. I have a little Foreign Tax paid of $14 and want to get the credit. 

 

But, it says to go to Deductions & Credits and then to Taxes paid. 

 

I cannot for the life of me find the tabs. I see Deductions and I see Credits, but not Deductions and Credits.

 

Please help.

 

DaveF1006
Expert Alumni

Deductions & credits

It depends on where you paid the foreign tax. If it is from 1099-DIV or 1099-INT, you will record it inn the form itself. in the 1099-INT, it is in box 6 of the form. If 1099-DiV, it is Box 7. 

  1. Log in or open Turbo Tax.
  2. Go to federal>income and expenses>Interest and Dividends>show more
  3. There is separate entries for 1099-INT and 1099-DIV>select start or revisit
  4. When you are in the form, be sure to check the box that says My form has info in other boxes (this is uncommon). This iwll allow you to expand the form and enter the foreign tax paid.
  5. If you paid your foreign tax in any other manner, write us back so we can direct you further.
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jholtz1
New Member

Deductions & credits

I am major league stupid. I don't see "My form has more boxes."

I went into Income 1099-DIV put in the dividend and Cap Gain distribution. 

This is all right, but cannot get the Foreign Tax Paid from box 7. Where do you put it?

JotikaT2
Employee Tax Expert

Deductions & credits

Log back into TurboTax and go to the Federal interview section of the program.

  1. Select Income & Expenses
  2. Scroll down to All income
  3. Select Dividends on 1099-DIV
  4. Select Edit to the right of the applicable 1099-DIV form
  5. The next page will say Let's get the info from your 1099-DIV.  Scroll down to the writing below Box 1b - Qualified Dividends.
  6. You should see a box that you can check that says My form has info in other boxes (this is uncommon).
  7. Once you check this box, you will be able to enter the Foreign Tax Paid as listed in Box 7 of your 1099-DIV form.

Dividend input

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