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In addition to the 1099-DIV, the broker/payer normally issues a document usually referred to as “Statement of Additional Information” or “Year-End Summary Information” or similarly titled. With this document, the starting point is the Foreign Tax data. It will list all the companies, the country and the tax paid by each company. Then cull through the qualified and unqualified lists to locate each company and extract the dividends paid.
For mutual funds that are “Global”, somewhere on their website they will have a list of all the funds that have domestic/foreign dividends paid and will give a ratio that you can use to calculate the foreign amount.
In addition to the 1099-DIV, the broker/payer normally issues a document usually referred to as “Statement of Additional Information” or “Year-End Summary Information” or similarly titled. With this document, the starting point is the Foreign Tax data. It will list all the companies, the country and the tax paid by each company. Then cull through the qualified and unqualified lists to locate each company and extract the dividends paid.
For mutual funds that are “Global”, somewhere on their website they will have a list of all the funds that have domestic/foreign dividends paid and will give a ratio that you can use to calculate the foreign amount.
In my case it shows three different percentages for the mutual fund
Fgn source Inc tot. 86.44%
Fgn source Inc qual 34,48%
Fgn source Inc adj 65.93 %
Not sure which one to use
To determine determine the amount of dividend income from foreign countries, you would use the total, 86.44%.
My 1099DIV from Vanguard did not include any of this information and the website does not give a ratio for the funds. Several funds on my 1099 DIV had dividends and 3 of those had foreign tax associated. I took the "total dividends & distributions" I received from each of those 3 funds, added them together, and plan to use that as the total foreign dividend income. Comments /feedback welcome.
Google "2021 foreign tax credit vanguard funds" to get the ratios for each fund. It's not likely that those 3 funds are 100% foreign and also you may need to know the percentage that is qualified dividends.
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