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HOW DO I FIND THE COUNTRY WHERE THE FOREIGN TAX WAS PAID FROM MY CHARLES SCHWAB ACCOUNT?

 
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5 Replies

HOW DO I FIND THE COUNTRY WHERE THE FOREIGN TAX WAS PAID FROM MY CHARLES SCHWAB ACCOUNT?

your consolidated 1099-DIV statement should show the information.
DanielV01
Expert Alumni

HOW DO I FIND THE COUNTRY WHERE THE FOREIGN TAX WAS PAID FROM MY CHARLES SCHWAB ACCOUNT?

Some brokerages send attachments with their 1099-B form.  The attachment may have a 2-digit country code, associated with the country the taxes were withheld to.  If you see the code, there should be a page that gives all of the codes.

Not all brokerages have this information, but that's what to look for.

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HOW DO I FIND THE COUNTRY WHERE THE FOREIGN TAX WAS PAID FROM MY CHARLES SCHWAB ACCOUNT?

 Is the foreign tax paid in a mutual fund?   If so, you may be able to use "RIC" instead of the specific countries.
lmlomonte
Returning Member

HOW DO I FIND THE COUNTRY WHERE THE FOREIGN TAX WAS PAID FROM MY CHARLES SCHWAB ACCOUNT?

My Scwab Consolidated form has neither a two digit country code or an attachment with codes. The Turbo Tax online Deluxe tax program did not require this information, but the desktop program is requiring it.

AmyC
Expert Alumni

HOW DO I FIND THE COUNTRY WHERE THE FOREIGN TAX WAS PAID FROM MY CHARLES SCHWAB ACCOUNT?

If the investment stems from a fund at a brokerage, select RIC for regulated investment company instead of choosing a foreign country. @user8059926 

 

If the foreign tax paid is less than $300 ($600 MFJ) then form 1116 is not required. Perhaps you added more foreign tax in the switch? @lmlomonte 

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