I have this 1099 page from Robinhood for Global X Uranium ETF. I'm a little confused. I see a few pieces of information and I'm not smart enough to see how they fit together. Can anyone help me figure it out?
- It shows foreign income as 73.53. This is equal to my total income from this ETF.
- It shows foreign tax as 0.60. That seems pretty low for an income of 73.53. (But this might be explained by the fact that I think maybe sometimes Canadian stocks held in IRAs don't get taxed on dividends, so then maybe that 0.60 is from other countries.)
- It shows the country as Canada for the interest income (0.05), but the country for the dividend income (most of it) is blank. It also shows a line for Canada total, which only includes the interest.
- In the page before that, it says that the "Fgn Source Inc Tot" for this ETF is 10.65%.
- Looking at the holdings for URA, there is at least one NYSE-listed US-based company in there.
- I also have 2.11 in income from this ETF on my 1099-MISC, payment in lieu of dividend. I don't think that makes a difference to anything.
To my tiny mind (not an expert at anything, obviously I'm wrong somewhere):
- #2-5 Make it seem like the foreign portion of my income from this ETF should not be the whole thing. But #1 makes it sound like it is the whole thing.
- Also, #4 makes it sound like the foreign portion should be about 10%, but #5 makes it sound like it should be a lot more than that.
- #5 makes it seem like most of the foreign income should go to Canada, but #3 has that seemingly blank country field.
- The page from #4 says that any RIC will have a little "RIC" in the country column. My ETF does not have that, but the prospectus makes it sound like it is an RIC, and the internet seems to treat pretty much every international fund like it's an RIC for the purposes of form 1116.
Fortunately, it seems like this isn't going to affect me at all. But if we were dealing with larger amounts, I think I would need to know in order to fill out IRS form 1116 or enter my foreign income into TT.
It seems like this 1099 that some institution posted online is formatted the same way, if you look at pp52, 61, and 64. For MDIJX, foreign income = 100% of the income, but "Fgn Source Inc Tot" is 90% rather than 100%. Again, I think MDIJX is an RIC based on the prospectus.
