topic A US expat tax filing questions, so a 1099 is not applicable. Where can I add dividends and interest earned from a foreign brokerage and bank please? in Deductions & credits

A US expat tax filing questions, so a 1099 is not applicable. Where can I add dividends and interest earned from a foreign brokerage and bank please?

hewitt_david — Wed, 03 Mar 2021 21:46:41 GMT

Re: A US expat tax filing questions, so a 1099 is not applicable. Where can I add dividends and i...

DaveF1006 — Wed, 03 Mar 2021 22:14:33 GMT

According to this link from super awesome Turbo Tax agent ThomasM125, "You would enter a mock form 1099-DIV entry in TurboTax. You would enter the income in box 1(a). Only domestic companies would pay qualified dividends, so box 1(b) would be left blank. You would enter the foreign tax paid in box 7

You would also enter a Mock 1099-INT with the interest paid in Box 1. You will enter the foreign tax paid in Box 6 in the 1099-INT section..

You will get a foreign tax credit for both. If the foreign taxes are under $600 married or $300 single filer, you only need to enter the form 1099-DIV or 1099-INT to get the credit. If they are more, you need to answer the questions in the "Foreign Taxes" section in TurboTax, under "Estimates and Other Taxes Paid", in the "Deductions and Credits" section of TurboTax.

The only other thing you should need to enter would be capital gain distributions in box 2(a) of the 1099-DIV. if only you are aware of these."

Note: When you enter information for each of the 1099's, one screen will ask if you want to import, choose to change how I enter my form. Next screen will ask How do you want to add your 1099‑INT or 1099-DIV, indicate you will type it in yourself.

Re: A US expat tax filing questions, so a 1099 is not applicable. Where can I add dividends and i...

hewitt_david — Thu, 04 Mar 2021 20:15:25 GMT

Thanks. There is an unticked box at the bottom left of the 1009- Div and 1099-Int forms saying “FATCA Filing Required.” Do I need to tick that box or leave it blank?

Re: A US expat tax filing questions, so a 1099 is not applicable. Where can I add dividends and i...

LinaJ2020 — Thu, 04 Mar 2021 21:12:53 GMT

Per 1099 instructions, if the FATCA filing requirement box is checked, the payer is reporting on this Form 1099 to satisfy its chapter 4 account reporting requirement. You also may have a filing requirement for a Form 8938. A Form 8938 is used when you have specified foreign financial assets and the total value of all the foreign assets in which you have an interest is more than the appropriate reporting threshold. For details, click here: https://www.irs.gov/instructions/i8938

If you met the requirements and need to file this Form 8938, you would need to check this box.