Hello:
The smart check in Turbotax flagged me to enter " foreign source income" for schedule B as I have FTC with some mutual funds in my investment. on the 1099 DIV from my brokerage - on the statement, it lists them under "FOREIGN SOURCE INCOME %s" and there is a %s for Fgn Source Inc Total & Fgn Source Inc Qual.. Which one should I use to calculate the $ to enter based on the dividend from that particular mutual fund ? is this % of the total dividend for that particular fund ? thanks for your help..
1. The qualified foreign source income is attributable to countries and types of income where the US allows a tax credit to be claimed. The total foreign income includes items not allowed.
2. Multiply the fund income by the qualified dividend percentage.
thanks - just to confirm. I looked at the hyperlink to IRS you sent and none apply. So i should use % given as "Fgn Source Inc Qual.." from the statement. Pl. confirm. thank you
Yes, you would use the % given since there was no actual dollar amount listed for the foreign dividend.