I have 2 sources of dividends, 1 from US brokerage and 1 from EU bank(no FEIN). I cannot claim my foreign tax credit on paid taxes on EU dividends since it's not listed

[isabellaf]

The EU bank is not listed when I go on the "report foreign tax paid to RIC", but only the US brokerage (I have some foreign dividend there as well, so it makes sense). When I filled out my EU bank 1099-DIV, there was nowhere to specify the foreign income (unlike the US brokerage, where I was prompted to a second page and able to fill out that filed). Is there a glitch or the lack of FEIN is gatekeeping me from going to the screen where I'm asked for the other info?

[rogge1722]

During the foreign tax credit interview, TT "sees" the 1099 only if it has an entry in box 7 for foreign tax paid.

[isabellaf]

Thank you for your answer.

The issue is that TT won’t prompt me to the page where I can add that number. I have to fill out manually the form (the EU bank doesn’t issue a 1099-div form) and, once I fill out the fields with the dividend, I click continue and am sent back to the main dividend page.

I can’t understand why this year is doing this, in 2021 and 2020 I was able to get that info in.

[rogge1722]

The screenshot displays a blank 1099-DIV. You type in the payer's name, the ordinary dividends in box 1a, the qualified dividends in box 1b and the foreign tax paid in box 7. Barring any unusual circumstances, that is all that is necessary.

[isabellaf]

Thank you. 

For some unknown reasons I couldn't see that page for my the EU bank. What I ended up doing (and I should have that before wasting hours on the issue) was editing the US brokerage  info so that it would display the EU bank info and dividend, and re-uploading the US brokerage. 

[maxladdomada]

Hello Isabella,

How do you know if the dividends from the european bank are qualified from an IRS perspective?

[HopeS]

Not all foreign dividends are qualified. In order for a foreign dividend to be qualified, it has to meet certain threshold requirements to assess whether it meets the minimum basic requirements for qualified dividend status. In order to be considered “qualified”, dividends received must meet three conditions:

1. The dividends must have been paid by a U.S. corporation or a qualified foreign corporation.
2. The dividends are not of those listed under “Dividends that are not qualified dividends”.
3. The holding period requirement is met.

Normally, the amount of foreign dividends are reported in a "statement of additional information" that is included in the 1099-DIV supplemental information. It should list a foreign amount or a foreign source percentage you can use to calculate the portion that is from a foreign country.

If you have a Foreign Tax Summary that specifically lists the amount of Foreign Dividends to report, then you may use that amount.  If the amounts differ, use the amount that is reported in the statement of additional information.

See the link below on how to enter Foreign Dividend:

Foreign Dividend 

Also, review IS Instructions below for additional Information:

Foreign Tax Credit

@maxladdomada