Foreign Dividends Received

[rannr925]

In TurboTax, I entered the foreign taxes paid that is on my Fidelity 1099-DIV.

Now TurboTax is asking for Foreign Dividends Received.

My 1099-DIV Supplemental Information shows the foreign tax was from mutual funds (RIC). And it breaks the Dividends down between Qualified and Nonqualified.  

What do I enter for Foreign Dividends Received?  Is it the Qualified? The Nonqualified? Or do I add them both together?

I have seen similar questions to this asked a few other times on this forum but the answers are not very clear.

Thank you!

[pk]

@rannr925 ,  

1. Assuming that you have brokers' consolidated report,  in the back pages you should find  (a) total foreign  taxes paid; (b) the mutual fund which had foreign income; (c) for the fund that invested in foreign entities, the percentage invested in foreign  funds.  Once you have that , you them multiply the total dividend earnings from that fund by the percentage foreign investment -- that is your foreign dividend income.   Also it is extremely rare for the foreign dividend earnings to be qualified  ( and if that is true then there is  treaty conditions to be considered ) -- generally they are ordinary dividends --NOT Qualified.

2. If you have only a 1099-DIV and no backup information, then you have to get these details form your broker -- call him/her for help

Is there more I can do for you ?

pk

[rannr925]

Thank you.

Yes, I have the broker's consolidated report.  Yes, I have the Supplemental Information in the back pages.

Yes, I have (a) total foreign taxes paid

                    (b) the mutual fund which had foreign income - there are multiple and they are listed as RIC because they are from various countries

                   (c) There are NO percentages listed. Is there a different name for them?

Is the foreign dividend income the same as the Foreign Total Income?  That total is listed.

[rannr925]

Can anybody else answer this question for me?

[LoganathanB]

Yes for availing of the foreign tax credit through form 1116, the foreign dividend income is the same as the Foreign total income.

You can find the information on the statement in the details about the dividends.  Not every brokerage firm 1099-B will look exactly the same but it should look something like either of these screenshots below:

If you still cannot find the information, reach out to your broker or brokerage firm for assistance. 

You enter the total of foreign dividends in form 1116 and claim the foreign tax credit.

• Open your tax return
• Enter foreign tax credit in the search box on the right top
• Click on Jump to foreign tax credit 
• Answer all the questions and enter the information

[tsukikageyuu]

The Vanguard 1099-B this year doesn't look like the one you posted. 😅

But I found a page that shows the "Foreign country" was United States and the agency was U.S. Treasury.... so not really foreign?? 

[RobertB4444]

@tsukikageyuu  In that case you don't have any foreign taxes to worry about.