Foreign dividends without 1099-DIV

Forum|Forum|2 years ago
May 3, 2024
3 replies
6 views

I just found out I received foreign dividends and the institution does not provide a 1099-DIV. I will need to amend some prior year returns. Do I just input the amount since I never received a form? Additionally, will TT assist in requesting a possible penalty avoidance if I paid 90% of taxes owed after submitting the amended return?

TurboTax Premier Online

Mike9241

Level 15

use form 1099-Div to add the dividends. If you paid foreign income taxes on them, you would also need to add form 1116 if it isn't already in your return.

sorry but if you owe, the IRS can assess a late payment penalty and interest. They can be assessed when any payment for a year's taxes is made after the original due date. There is also interest. Turbotax does not compute these penalties and interest. For penalty abatement, you would need to attach a letter and mail in the amended return providing a reasonable cause for their omission. Interest cannot be abated.

Mike9241

KofianAuthor

Level 2

Note I have not received the dividends yet, they were unable to issue the check/funds because they didn’t have the contact information. So I will get the money in May/June 2024 for dividends on paper generated in 2022 and 2023.

JotikaT2

Employee Tax Expert

If you have not received the dividends yet, then they will be reported in the year they are received. Individual tax returns are typically prepared on a cash basis, meaning you would not report the income until your receive the funds.

Please see this link for guidance on entering these dividends into TurboTax. Since the income is from foreign sources, they would be reported as foreign income since the amounts will not reported on a 1099-DIV form.

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