Solved: About UK stock MFGP
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ttlc22019
Level 2

About UK stock MFGP

I have two questions about how to enter into Turbo Tax Premier, related to stocks of Micro Focus International plc (MFGP) in the United Kingdom.  The following link shows I got MFGP stocks because I had Hewlett-Packard Enterprise (HPE) stocks in 2017, and therefore I got MFGP stocks.

https://news.hpe.com/hewlett-packard-enterprise-completes-spin-off-and-merger-of-software-business-w...

Question One - On “1099-INT” of my brokerage’s “Consolidated Form 1099”, there is “fourteen dollars” under section “Reconciliations, Fees, Expenses, and Expenditures”.  Then on a separate page under “Fees and Expenses” it says

Description: Micro Focus International PLC ADR SPONSORED
CUSIP and/or Symbol: MFGP
Date: August 2018
Amount: negative Fourteen dollars
Transaction Type: Depository receipt fee
Total Depository receipt fee: negative Fourteen dollars

Question Two - On “Foreign Income and Taxes Summary” of the same “Consolidated Form 1099”, there is no 1099 form but the page says the following.

Country: UK
Security Description: Micro Focus International PLC ADR SPONSORED
CUSIP: MFGP
Dividends Nonqualified: zero
Dividends Qualified: six hundred dollars
Interest: zero
Total Income: six hundred dollars
Tax: zero

Grand Total:
Total Foreign Source Income six hundred dollars, Qualified Total Foreign Source Income: six hundred dollars, Foreign Tax: zero

Page Notes: Total Foreign Source Income utilizes the “Total” column for RICs which may not always be supplied.  Qualified Foreign Source Income utilizes the “Qualified” column for RICs which may not always be supplied.

Summary: I do not know how to enter the above (-fourteen) and six hundred into TurboTax Premier.  I do not know what RIC means.  And while I am at it, how complex will it be using 2019 TurboTax, if I want to sell MFGP to get rid of it this year?

Thanks.

1 Best answer

Accepted Solutions
TomYoung
Level 13

About UK stock MFGP

The $14 fee used to be entered under "other investment expense" as an itemized deduction.  That deduction is no longer available in 2018 so you simply don't enter it anywhere.

RIC stands for "Regulated Investment Company".  Most mutual funds are RICs.   https://www.investopedia.com/terms/r/ric.asp

The sale of the ADR is simply a sale of a security like any other.  If you know all your information entering the sale should be straight-forward.  https://ttlc.intuit.com/questions/4367046-in-2017-hpe-spun-out-mfgp-i-never-sold-this-stock-but-reci...

Tom Young

View solution in original post

2 Replies
TomYoung
Level 13

About UK stock MFGP

The $14 fee used to be entered under "other investment expense" as an itemized deduction.  That deduction is no longer available in 2018 so you simply don't enter it anywhere.

RIC stands for "Regulated Investment Company".  Most mutual funds are RICs.   https://www.investopedia.com/terms/r/ric.asp

The sale of the ADR is simply a sale of a security like any other.  If you know all your information entering the sale should be straight-forward.  https://ttlc.intuit.com/questions/4367046-in-2017-hpe-spun-out-mfgp-i-never-sold-this-stock-but-reci...

Tom Young

View solution in original post

Need8601
Returning Member

About UK stock MFGP

@TomYoung Thank you so much for your time helping me a novice TurboTax user!
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