1099-DIV Foreign Dividends?

Forum|Forum|1 year ago
February 5, 2025
2 replies
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A company recently transitioned people to "brokerage" from 'regular'. I used to import with ease but now I find I have to manually enter some stuff. I looked for tax papers on the site, and got them all. The 1099-DIV lists all dividends and Foreign Tax paid. But TT is asking what part of the listed dividends are foreign. I have no idea, and they are not broken out. And it isn't "obvious" . I can't find the info anywhere in my tax info. Any ideas?

THank you

Best answer by pk_

@Tracer-x , if the brokerage has not provide you with the back-up documentation ( like a Mutual fund provides percentage of investment in foreign stocks ( and countries ) and thus you can compute the share of the dividend that is foreign source , by country, you have no choice but calling your broker to give you the details.

Sometimes they may tell you "various" but still a percentage of "foreign-various countries ).

Is there more I can do for you ?

pk_

Answer

Level 15

Sometimes they may tell you "various" but still a percentage of "foreign-various countries ).

Is there more I can do for you ?

AmyC

Level 15

You must have foreign tax paid on your tax form. There should be a detail page which lists the foreign dividends -with a percentage amount. It could be just one line in the stack of forms or it may have a list of countries.

If this is a regulated investment company, you can elect RIC on the foreign tax credit. Otherwise, you need the countries to claim the foreign tax credit.

For Example: Brazil 1.3%

This lets you know that 1.3% of you investment is in Brazil.

Or, your paperwork may just say foreign because the company is investing only in countries allowed for the foreign credit

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fbmcardl2

Level 5

My 1099s show foreign tax paid. So I have that. But then TT asks about the foreign dividends associated with that tax and it only gives two choices, individual country or Regulated Investment Company. My 1099 has both categories of foreign tax paid. But TT will only allow that one mutually exclusive choice of whether it's an individual country or an RIC. You can't select both. What do I do in this case? Using TT Premier online with LiveAssist but the rep who tried to help me yesterday knew even less than I do so it's not been resolved. Thanks.

DaveF1006

Level 15

Yes, I thought about that too but unfortunately "various" is not an option on TT country list, even though Various is what the broker puts on the 1099-DIV to handle that. TT really needs to fix this. It's not uncommon for 1099-DIVS to show foreign tax paid. I guess I could bundle them all under RIC but it seems odd to have to do that.

Yes, in this case, it is best to put the entire amount in RIC as this would not be an issue with the IRS.

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