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How and where can I enter QDI eligible foreign income?

I only am asked to enter 'Foreign Income' which I have done. But I think "QDI eligible foreign income" is also relevant and is on the tax document my broker sent me


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3 Replies

How and where can I enter QDI eligible foreign income?

Foreign source income is the sum of unqualified dividends, qualified dividends and capital gains. TT will ask for qualified dividends(QDI) only if the following holds:

- You have foreign qualifying dividends or long-term capital gains totaling more that $20,000, OR
- Your total income exceeds the following amount for your filing status:
  - Married Filing Joint or Qualifying Widow(er): $223,050
  - Single: $183,250
  - Head of Household: $203,150
  - Married Filing Separate: $111,525



jcunn3125
New Member

How and where can I enter QDI eligible foreign income?

Where does QDI income entered.

DaveF1006
Employee Tax Expert

How and where can I enter QDI eligible foreign income?

- You have foreign qualifying dividends or long-term capital gains totaling more that $20,000, OR
- Your total income exceeds the following amount for your filing status:
  - Married Filing Joint or Qualifying Widow(er): $223,050
  - Single: $183,250
  - Head of Household: $203,150
  - Married Filing Separate: $111,525

 

If you fall within the parameters listed about and you have indicated you paid foreign tax, this will be reported when you claim your foreign tax credit. 

  1. Federal>deductions and credits>deductions and credits>estimate and other taxes paid>Foreign Tax Credit>start or revisit
  2. When it asks We just need to check if you have any uncommon situations indicate I paid foreign taxes on income I earned while working in another country. Even though technically you didn't, you will to indicate this so the program can move forward.
  3. Navigate and record the entries that the program asks for and when you reach the page that mentions Foreign Tax Credit Worksheet, this is where you take notice.
  4. The first that you will be asked is what category of income is it, you will say passive income.
  5. Next screen will say Country Summary, select add a country and then select Canada.
  6. When it says Other Gross Income - Canada, don't put anything here since you already reported this on your K1.
  7. then you will navigate through the screens until you come to a screen that says Foreign Taxes Paid - Canada, here is where you record the amount paid under Foreign Taxes on Other Income. Then below that you will enter the amount of taxes paid in taxes.
  8. After you are done you will see the country summary again. Press done and:
  9. You will be taken to a screen that says Any foreign source qualified dividends or long term capital gains? Here is where you enter the information.
  10. I have included a screenshot on how that screen should look. Remember, if you don't see this screen, it means it was generated because of the reporting parameters listed above.

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