How do I calculate the foreign dividends received from box 1a and box 7?

[madelynveal]

On my 1099-DIV there is no information on how to calculate the foreign dividens. There are no percentages listed. For box 7, there is the individual amount received from each investment, but no percentage. 

[DaveF1006]

It depends. Usually this information is reported in a supplemental disclosure form that came with your brokerage statement. Did you check these thoroughly to see if it was embedded in the fine print in the disclosure forms? It is either reported as a percentage or there may be a dollar amount listed.

If you can't find it, you will need to contact the broker to see if they have this information on file. 

[madelynveal]

I did just find on the 2024 supplement tax statement, an area that says "Foreign Qualified Dividend Income", "Foreign Source Income adjusted for IRC 904(b)(2)(B)", and "Foreign Source Income". No where is there a percentage, but it does list countries next to box 7. 

Would any of these help or be the answer?

[DaveF1006]

Yes.  This is even better because you have the actual foreign sourced dividend amount RATHER than a percentage.  Report that income amount as your foreign sourced dividend amount.

@madelynveal 

[madelynveal]

Which one is the proper amount for foreign dividends received? "Foreign Qualified Dividend Income", "Foreign Source Income adjusted for IRC 904(b)(2)(B)", and "Foreign Source Income".

None of the match box 7. 

[DaveF1006]

When you enter your 1099 DIV and report a foreign tax paid in Box 7, the following  screen will ask if you need to adjust the dividends.  Here you will say yes. The next screen will ask for the amount of the adjustment and you will report the amount recorded for foreign source income adjusted for IRC 904(b). 

In the following screen, report the Foreign Source income amount. Once this is reported, the section is complete and then you can go to the following section to claim your foreign tax credit.

1. Go to Federal
2. Deductions and credits 
3. Estimate and other taxes paid 
4. Foreign Tax Credit>start or revisit