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"Foreign Tax Credit Wks: QualDiv&LTCapGains is at least $__ per 1099-DIV Wks linked to this country." How was "at least" $ calculated? It doesn't = 1099-DIV $ less % US.

 
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"Foreign Tax Credit Wks: QualDiv&LTCapGains is at least $__ per 1099-DIV Wks linked to this country." How was "at least" $ calculated? It doesn't = 1099-DIV $ less % US.

There is likely a compatibility error.

The following procedure will illustrate this. Open a new spreadsheet.


Column A is used for both qualified and unqualified dividends, aka. “Ordinary dividends”.
Column B is used for qualified dividends only.

In cell A1, insert the worldwide ordinary dividends. This is the amount in the 1099-div, box 1a.
In cell A2, insert the foreign ordinary dividends. This amount is derived from the broker’s supplemental info.
In cell A3, subtract A2 from A1. The result is the U.S sourced ordinary dividends.

In cell B1, insert the worldwide qualified dividends. This is the amount in the 1099-div box 1b.
In cell B2, insert the foreign qualified dividends. This amount is derived from the broker’s supplemental info.
In cell B3, subtract B2 from B1. The result is the U.S. sourced qualified dividends.

 

Each cell in column A must be equal to or greater than the corresponding cell in column B. If that is not the case then there is an error. Recheck all entries..

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2 Replies

"Foreign Tax Credit Wks: QualDiv&LTCapGains is at least $__ per 1099-DIV Wks linked to this country." How was "at least" $ calculated? It doesn't = 1099-DIV $ less % US.

There is likely a compatibility error.

The following procedure will illustrate this. Open a new spreadsheet.


Column A is used for both qualified and unqualified dividends, aka. “Ordinary dividends”.
Column B is used for qualified dividends only.

In cell A1, insert the worldwide ordinary dividends. This is the amount in the 1099-div, box 1a.
In cell A2, insert the foreign ordinary dividends. This amount is derived from the broker’s supplemental info.
In cell A3, subtract A2 from A1. The result is the U.S sourced ordinary dividends.

In cell B1, insert the worldwide qualified dividends. This is the amount in the 1099-div box 1b.
In cell B2, insert the foreign qualified dividends. This amount is derived from the broker’s supplemental info.
In cell B3, subtract B2 from B1. The result is the U.S. sourced qualified dividends.

 

Each cell in column A must be equal to or greater than the corresponding cell in column B. If that is not the case then there is an error. Recheck all entries..

"Foreign Tax Credit Wks: QualDiv&LTCapGains is at least $__ per 1099-DIV Wks linked to this country." How was "at least" $ calculated? It doesn't = 1099-DIV $ less % US.

Thanks!

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