I need to calculate foreign source qualified dividends. I have the 1099 supllemental information, which provides me with the "Fgn Source Inc Qual" for a specific mutual fund. Do I multiply that by the (a) Total Dividends and Distributions for that fund, (b) the (manually calculated) sum of the Qualified dividends for that fund? or (c) the foreign source income total (which was calculated this way: Total Dividends and Distributions for that fund x "Fgn Source Inc Tot" in the Supplemental information.
Because AI and have seen in other non-TurboTax posts to multiply it by (a) but that number can exceed the sum of the qualified dividends.
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you may no have to adjust the foreign dividends
• Line 5 of the Qualified Dividends and Capital Gain Tax
Worksheet is greater than zero.
• Line 23 of the Qualified Dividends and Capital Gain Tax
Worksheet is less than line 24 of that worksheet.
Adjustment exception. If you qualify for the adjustment
exception, you can elect not to adjust your foreign source
capital gain distributions and qualified dividends. You make
this election by not adjusting these items. If you make this
You qualify for the adjustment exception if you meet both
of the following requirements.
1. Line 5 of the Qualified Dividends and Capital Gain Tax
Worksheet doesn't exceed:
a. $364,200 if married filing jointly or qualifying surviving
spouse,
b. $182,100 if married filing separately,
c. $182,100 if single, or
d. $182,100 if head of household.
2. The amount of your foreign source capital gain
distributions, plus the amount of your foreign source qualified
dividends, is less than $20,000
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