I have qualified dividends from a foreign company(no taxes withheld) and nondividend distributions from a U.S. company this year. Will TT Premier walk me through it?

[alan78]

The foreign company is in Switzerland and the U.S. company is a timber REIT...if this matters.

[AmyC]

Yes. Your qualified div will be entered as part of the 1099-DIV entry. A U.S. REIT would also normally be a 1099-DIV. You could receive a 2439 instead - if the company chose to keep their long term gains and pay tax.

Any non-dividend distributions can be entered based on the form received. 

If your return has more than listed above and becomes too complicated for Premier, the program will tell you to upgrade, a simple click and everything is instantly in the upgraded software.

Reference: About Publication 550, Investment Income and Expenses

[alan78]

Thanks, Amy.

Regarding the foreign dividends, and any taxes that would have to be paid, can this process be completed entirely with TurboTax or is there some “legwork” that I need to do first(other than having my brokerage documents ready)?

[DianeW777]

Yes. When you receive your 1099-DIV there is not a problem with entering the information for your tax return.  TurboTax can handle your tax situation.

A nondividend distribution is a distribution that is not paid out of the earnings and profits of a corporation. Any nondividend distribution you receive is considered a return of your capital or investment and is not taxable to you until you recover your cost basis in the  financial asset or  stock.