Dividends - Multiple foreign countries - One 1099-DIV in Turbo Desktop

[madmoravian]

I've entered the information from my broker reported on the 1099-DIV. There is dividend income from multiple countries.  I have an issue when reporting Foreign Tax Paid to country X.

When I report the first country, it gives me a selection of the two brokerages from which I received a 1099-DIV.  When I attempt to report the second country, it only gives me the option to choose the second brokerage.  That brokerage had no foreign tax information reported on the 1099-DIV.

Do I report income from all foreign countries under the guise of one random one chosen from my list of countries?

At a loss at the moment

[DavidD66 · Accepted solution]

On the page that says "Where Did You Receive Dividend Income From?" take not of the message "Select RIC for any income received from a mutual fund or other Regulted Investment Company."  RIC is the first option in the drop down menu.

[BorisTheSpider]

But in my case I paid foreign taxes on stocks from two companies that are held in the same brokerage account. There isn't a RIC really involved. So is "Various" the right answer in this case?

[LoganathanB]

Yes, If you can not identify the country where foreign taxes were paid, you can use Various to indicate the countries where foreign tax was paid.

[madmoravian]

I ended up having to delete the dividend information I'd entered and re-entering it in order to get it to let me choose the brokerage firm I needed to.  but, choosing RIC was a vital part of the process aswell.

[amirh2022]

How to enter multiple country name and divide dividends among them? It seems I can choose one country name ...and redoing it seems overwriting first country...now I at end I have error that countries don match 1116. I can not even find for 1116 in my print sample.

Should I have chosen " various" at first and done with it?  ( Turbo tax was recommending add all countries)

[amirh2022]

Almost have same issue

[JillS56]

On the 1099-DIV you do not have to split them out by country.   There is a selection that is "Various".   Just select "Various".   

[amirh2022]

Yes thanks, That what I did already ( chose various)  after it was messed up. 

Problem is in deduction area when comes to foreign tax credit, Turbo TAX strictly recommend to list all countries for all portion of foreign dividends but  then software can not handle it correctly. So I skip and chose various done with it for now. 

[jfish1]

I'm having the same problem in the deductions section where turbotax is asking for all foreitn countryes in which I received divident income reported on my 1099-DIV.  When I fill it out for one the others disapper and can not be filled out.  There is a problem here in the software and I can't believe this hasn't been fixed by march 31st.

What are users supposed to do here?  I have dividend income from 4 different countries due to various stocks I own.

[MarilynG1]

When choosing a Country for Foreign Tax Paid on a 1099-DIV, choose 'RIC' in the Foreign Tax Credit interview.  This is for Regulated Investment Company, which covers all the countries included in your dividend income. 

@jfish1 

[jfish1]

MarilynG1,

This doesn't make sense to me.  All of this is reported on a 1099 from TD ameritrade, but none of this income is through a mutual fund or ETF.  These are individually owned stocks so I'm confused.  Are you saying that TD ameritrade is still considered a RIC in this case?  Or is this just a work around because TurboTax software is screwed up?

[MarilynG1]

No, since the 1099-Div usually includes Foreign Income/Foreign Tax Paid in various amounts from various countries, this is the acceptable way to report this.  Yes, Ameritrade is a RIC.

Here's more info on 1099-Div Foreign Tax Credit.

@jfish1