Consolidated 1099

Forum|Forum|4 years ago
March 8, 2022
1 reply
14 views

Where would foreign income be reported on a consolidated 1099?

DaveF1006

Level 15

It depends. Usually on a 1099 DIV or INT, the foreign percentage of the income reported on those forms is disclosed in a supplementary disclosure form or listed on the 1099 Composite. If not listed, you will need to contact your broker to get the necessary information.

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Sorakairi89Author

Level 4

Is it usually grouped together with the total regular dividends on a 1099-Div line one and two?

If it is, does it need to be reported as an exact amount being foreign income to seperate it?

ThomasM125

Level 15

Your foreign income is normally included in the box 1(a) ,1(b) or 2(a) entries. The only time you would need to report it as an exact amount is to apply for a foreign tax credit. You would not need to do that, however, if the total of your foreign taxes were less then $300 ($600 if joint return) as the credit would be automatic.

Otherwise, you would need to apply for a foreign tax credit in the Deductions and Credits section of TurboTax, then Estimates and Other Taxes Paid, then Foreign Taxes. In that case, you would need to enter your foreign income.

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