topic how to I enter RICs in turbotax? in Get your taxes done using TurboTax

how to I enter RICs in turbotax?

Yuppieswewe — Tue, 18 Feb 2025 15:15:22 GMT

I have a section of my investment tax forms called: Foreign Income and Taxes Summary RIC. Where do I enter this in Turbotax?

thanks!

Re: how to I enter RICs in turbotax?

DaveF1006 — Tue, 18 Feb 2025 17:49:49 GMT

These usually will be answered if you enter 1099 INT and 1099 DIV. If you have you have Box 6 entry in a 1099 INT or Box 7 of a 1099 DIV, you will be asked a question further on in the interview on the amount of foreign interest/dividend income paid and where it originated. Here is where you indicate it is from RIC.

This information is important for you to claim a foreign tax credit. When you work on your foreign tax credit, the information you entered from your 1099 INT and 1099 DIV is already populated so you do not need to reenter this information to claim the credit. Here is an example of a 1099 INT and the follow-up question it asks regarding the amount of foreign income and where it originated, The format is the same if you entered a 1099 DIV with foreign taxes reported in Box 7.

Re: how to I enter RICs in turbotax?

Yuppieswewe — Tue, 18 Feb 2025 18:05:12 GMT

thanks Dave!

As direct follow up question I see this:

A portion of these dividends is U.S. Government interest. Learn more

I need to adjust these dividends or this is an ESOP distribution.

Some qualified dividends or section 199A dividends are from securities that didn't meet the required holding period. Learn more

I got a statement with Section 1202 info. Learn more

None of these apply.

and none of these apply right?

Re: how to I enter RICs in turbotax?

DaveF1006 — Tue, 18 Feb 2025 18:37:12 GMT

Yes, you will select none of these apply unless you have specific information otherwise. The broker in a supplemental disclosure statement should report to you if any of this information is government interest. The reason why this is important is that if it is, it might not be taxable in the state where you live.

The second point is if you participated in Employee Stock Ownership Plan at work and you took distributions from that. if you didn't, this doesn't apply.

If the supplemental disclosure statement mentions Some qualified dividends or section 199A dividends are from securities that didn't meet the required holding period, then you would need to check this box. if not, leave the box unchecked.

Lastly, if you received a statement with the broker's package regarding Section 1202 Small Business Stock, you would check this box. If not, leave unchecked.

If none of these apply to you, then check this box. The point is, unless these are mentioned in a disclosure form that came with your financial statements, then these do not apply.

@Yuppieswewe