topic Re: 1099-Div Box 8 in Get your taxes done using TurboTax

1099-Div Box 8

leafboat — Tue, 01 Jun 2021 01:28:37 GMT

I have a 1099-Div from a brokerage, which handles my shares from Takeda Pharmaceuticals.

- Box 7 "Foreign Tax paid" is filled out with a number which I assume to be the amount of foreign tax paid.

- Box 8 "Foreign country or US Possession" is filled out as "United States"

Can Box 8 be "United States"?? Intuitively (for me), Box 8 cannot be United States.

Also, when I get to the section within Turbotax Online, where I have to "Report Foreign Dividends", "United States" is not on the drop-down list for the dividend source, which is not surprising.

I called the brokerage and they said they have verified with Takeda, who said that the 1099-Div is correct. Any input or comments, or anyone with similar experience?

Re: 1099-Div Box 8

rjs — Tue, 01 Jun 2021 02:44:15 GMT

I have no expertise in this area, but here are my comments.

The IRS instructions for Form 1099-DIV box 8 (for the company that is filling out the 1099-DIV) say "Enter the name of the foreign country or U.S. possession for which the foreign tax was paid and reported in box 7." I would call the brokerage again and read that sentence to them. Point out to them that the United States is not a "foreign country or U.S. possession," and that tax paid to the United States is not foreign tax. Ask them to either issue a corrected 1099-DIV, or to cite the law, regulation, or IRS source that allows "United States" to be entered in box 8. Follow up with an email or letter saying the same thing.

They will probably still refuse to correct it. At that point I would just give up and select Japan as the country that the dividends are from, even though the 1099-DIV says United States, and move on.

Re: 1099-Div Box 8

Mike9241 — Tue, 01 Jun 2021 03:15:58 GMT

for country you can also use "various" or "other country". I agree "US" is wrong.

if the FTC is under $300 and your filing status is other than filing jointly or $600 if filing jointly you can skip submitting form 1116 for the FTC

then all you need on the 1099-div input for ftc is box 7 and 8. box 7 a,b,c,d should be blank