Several 1099s received from national brokerages identify the many countries that foreign taxes were paid to collectively as "various". Will that designation be acceptable for filing? For e filing? Is a single entry for 1099s designating various be acceptable?
Various is no longer an acceptable answer. Now, RIC is the answer to identify the dividends are coming from Regulated Investment Companies. Yes, one entry with the totals is all you need for the passive income. Both the source and the country are RIC.
AmyC, Thank you for your answer. The account is a tax managed separately managed account that with a national brokerage with dividends from and foreign taxes paid to numerous countries. I t does not appear to be an RIC as the investments are owned no pooled as in a mutual fund. Can the "RIC designation still be used .
You have two options:
1. Put in as many countries as needed with the amounts to do things correctly
2. Enter RIC - you have the paperwork if the IRS asks.
What is considered a regulated investment company?
A regulated investment company (RIC) is a domestic corporation that acts as an investment agent for its shareholders, typically investing in corporate and government securities and distributing income earned from the investments as dividends (for example, a mutual fund or exchange-traded fund).