Well, brokerage firms generate 1099-div's differently.
how could turbotax think that this is ok? How many years have they been doing this? Do they not understand the topic? This is an insane workaround.
If you would like to send us a “diagnostic” file that has your “numbers” but not your personal information it would help. If you would like to do this, here are the instructions: (Don't forget to give us the state)
TurboTax Online:
Open your return -Go to the menu panel on the left side of your return and select Tax Tools.
TurboTax Desktop:
If you like, you can send a copy of your return that will be scrubbed to eliminate your personal data by using these steps:
We will then be able to see exactly what you are seeing and we can determine what exactly is going on in your return and provide you with a resolution.
This is a section of one of my interest and dividend statements.
It gets imported fine from Fidelity. The issue comes in when you choose what countries are associated
with this DIV statement. I choose Canada, France and Netherlands.
Then when you are allocating DIV statements to countries,
TurboTax Home and Business 2024 Desktop says pick a country to allocate income.
So, I pick Canada from the list, note no RIC in this list, but RIC just acts like another country for this exercise.
Then it asks which DIV statement corresponds to the Canada income.
I pick the below statement. It goes through all the appropriate question of
how much income to this country, etc.
Then we are done with Canada.
Move on to France.
The there are no more DIV statements to work with.
The below statement is no longer available because it was allocated to work for Canada.
If you search on this topic, you see posting going back many years with solutions that include making your
own fake DIV statements by breaking out each country into its own fake DIV statement.
This is not a new issue.
form 1099-DIV* 2024 Dividends and Distributions Copy B for Recipient
(OMB No. 1545-0110)
1a Total Ordinary Dividends................................................................................4,380.36
1b Qualified Dividends.....................................................................................1,970.67
2a Total Capital Gain Distributions............................................................................0.00
2b Unrecap. Sec 1250 Gain......................................................................................0.00
2c Section 1202 Gain...........................................................................................0.00
2d Collectibles (28%) Gain.....................................................................................0.00
2e Section 897 Ordinary Dividends............................................................................. 0.00
2f Section 897 Capital Gain .................................................................................. 0.00
3 Nondividend Distributions................................................................................269.63
4 Federal Income Tax Withheld................................................................................0.00
5 Section 199A Dividends...................................................................................187.97
Foreign Income and Taxes Summary
This schedule lists all income and foreign tax by country. Foreign income and tax from mutual funds is listed in a separate section with a country designation of "RIC"
Equities and Bonds
Country Security description CUSIP Nonqual div Qualified Interest Foreign Income Foreign Tax
CA BROOKFIELD ASSET MANAGEMENT [removed] 0.00 41.04 0.00 41.04 6.16
BROOKFIELD CORPORATION CLASS A 11271J107 0.00 34.56 0.00 34.56 5.20
Total CANADA 0.00 75.60 0.00 75.60 11.36
- - - - - - - - - - - -
FR LVMH MOET HENNESSY VUITTON SE F58485115 0.00 68.47 0.00 68.47 17.12
Total FRANCE 0.00 68.47 0.00 68.47 17.12
- - - - - - - - - - - - -
NL ASML HOLDING NV SHSN07059210 0.00 46.99 0.00 46.99 7.05
Total NETHERLANDS 0.00 46.99 0.00 46.99 7.05
- - - - - - - - - - - - -
TOTAL Equities and Bonds 0.00 191.06 0.00 191.06 35.53
Instead of entering a country just enter 'Various' and then report the total foreign income for all three countries. Since this is handled through a 1099-DIV that is the proper way to handle it.