You should report the dividend income (regardless how small) on your tax return. You are correct that foreign institutions do not issue forms 1099-DIV. In TurboTax, however, you should report the amount AS IF you have received the form. If you paid foreign tax on the dividend, please be sure to enter the amount in the Foreign Tax field of the form.
- Federal Taxes
- Wages
& Income
- Interest
and Dividends - select Dividends on 1099-DIV
Some notes in case you need them...
- Single
filers who paid $300 or less in foreign taxes, and married joint filers
who paid $600 or less, can omit filing the foreign tax credit form (Deductions & Credits>Estimates and Other Taxes
paid>Foreign taxes) However, using the form enables you to
apply any credit balance to future tax years. Without filing Form 1116,
you give up this carryover tax break.
- IF the
credit is more than above amount, please visit Foreign Taxes section
(steps above) to claim foreign tax credit
- You may have to
file form Fincen 114, if your
foreign account(s) exceed $10000 at any time during 2016. You have
to file it through the Treasury website: http://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html
