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Kiki
Level 4

1099DIV Dividends from multiple countries. How can I select all those countries?

I am in this page (below) working on 1099DIV in     Wages & Income Section :
 
The foreign dividends are from 5 different countries (CA, JP, TW, SF, RM) and also VARIOUS.
Should I check "Other source" and select "Various"?
Turbo Tax doesn't let me select multiple countries?     What should/can I do?
 
Also, I will need to file 1116, 
how to report here about foreign income and taxes from countries affect with 1116 later in any ways?
If so, any suggestions?
 
Any advice or suggestions would be greatly appreciated.  Thank you for your time and help!
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Tell us about your foreign dividends
You entered $29.50 of foreign taxes paid. Now enter the portion of the $892.71 dividends and distributions that was from a foreign country or U.S. possession.
Foreign dividends received Learn more
 
These foreign dividends are from a:
Mutual Fund/Regulated Investment Company (RIC)
Other source
Box 8 - Foreign country or U.S. possession Learn
2 Replies
Mike9241
Level 15

1099DIV Dividends from multiple countries. How can I select all those countries?

use "various" for countries. 

note form 1116 is not required if 

1) foreign taxes from passive income don't exceed $300 ($600 MFJ) 

2) there are no foreign taxes from the other categories

3) they're reported on Form 1099-DIV, 1099-INT. K-1/3 or other similar statement

4) for dividend income the shares were held at least 16 days 

5) you are not filing form 4563 or excluding Puerto Rico sourced income

6) the foreign taxes were legally owed, will not be refunded, and paid to countries that are recognized by the US and do not support terrorism

 

if 1116  isn't required or filed only enter the foreign tax amount 

if form 1116 is not filed you lose any FTC carryovers 

Kiki
Level 4

1099DIV Dividends from multiple countries. How can I select all those countries?

Thank you for your response.  

 

I am clear for all (1) through (6), however I think I still have to go through Form 1116 instead of Simplified method.

 

if 1116  isn't required or filed only enter the foreign tax amount 

Even filling form 1116,  select Various, and enter the foreign tax amount on 1099DIV?

if form 1116 is not filed you lose any FTC carryovers 

Just curious,  do you mean losing entire of FTC carryovers from the past years?   or it just unused credit of this year ?

 

In the very first year (2014), I filed a Form 1116, so I believe I lost the right to choose the Simple Method, but if my interpretation is wrong, please point it out to me.   

 

Thank you

 

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