Consolidated 1099

[Sorakairi89]

When receiving a 1099-DIV, is foreign income usually included on line 1a and 1b of form 1099-Div?

If so, is there anything else you need to report with it? (As in seperating the amount from regular dividends or stating that it was foreign income)

[ThomasM125]

The foreign income would be included in the amount on line 1(a) or 1(b). You may need to report the foreign income if you apply for a foreign tax credit, otherwise no.  However, if your foreign taxes reported on your form 1099's is less than $300 ($600 if married-filing joint) you don't need form 1116 to receive a foreign tax credit and aren't required to report your foreign income.

If your foreign tax is more than $300/$600, then you can use the Foreign Taxes routine in TurboTax, in the Estimates and Other Taxes Paid section in the Deductions and Credits section to enter your foreign income and apply for the foreign tax credit.

[Sorakairi89]

My foreign tax paid from box 7 was less than $300.

So all I need to do is just report my line 1a and 1b, and I don't have to report anything separate or anything else related to foreign income, correct?

[DaveF1006]

Yes, and don't forget to report your foreign tax paid in Box 7 of the 1099 DIV.