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DJCarr
New Member

Foreign qualified dividends + l.t.capital gains are $0 on my 1099-Div from an RIC but TT says "this field should be at least $646" and will not proceed.

 
3 Replies
rogge1722
Level 8

Foreign qualified dividends + l.t.capital gains are $0 on my 1099-Div from an RIC but TT says "this field should be at least $646" and will not proceed.

From the 1099-DIV Worksheet.

The minimum foreign qualified dividends = 1b +7d -1a.

  

The following procedure provides more details.

Open a new spreadsheet.

 

Column A is used  for both qualified and unqualified dividends, aka. “Ordinary dividends”.

Column B is used for qualified dividends only.

 

In cell A1, insert the worldwide ordinary dividends. This is the amount in the 1099-div, box 1a.

In cell A2, insert the foreign ordinary dividends. This amount is derived from the broker’s supplemental info.

In cell A3, subtract A2 from A1.  The result is the U.S sourced ordinary dividends.

 

In cell B1, insert the worldwide qualified dividends. This is the amount in the 1099-div box 1b.

In cell B2, insert the foreign qualified dividends. This amount is derived from the broker’s supplemental info.

In cell B3, subtract B2 from B1. The result is the U.S. sourced qualified dividends.

 

Each cell in column A must be equal to or greater than the corresponding cell in column B. If that is not the case then there is an error. Recheck all entries.. 

DJCarr
New Member

Foreign qualified dividends + l.t.capital gains are $0 on my 1099-Div from an RIC but TT says "this field should be at least $646" and will not proceed.

Thanks for your help. I'm still stuck.

 

Here is the information from my 1099-Div

1a $3898.28

1b $3455.87

7 $211.86

 

So 1b+7-1a is $3455.87+211.86-3898.28= $-230.55

 

Also A1 is $3898.28 All Div

        A2 is $1088.19 Foreign Div

     A3 = $3898.28-$1088.19= $2810.09

 

B1 is $3455.87 All Qualified Div

B2 is $0 Foreign Qualified Div

B3 is $3455.87

 

Am I missing something? I went back through the information I entered in answering questions about the 1099-Div as income, then came back to the section on tax credit related to Foreign Taxes paid and get the same result :                      RIC

Foreign Div $1088.19 

Foreign Qualified Div and LT capital gains $0

Then in red "This field should be at least $646"

 

Thanks for any help in navigating this issue. I had no problems last year with a very similar 1099 Div from the same company.

 

DJCarr

rogge1722
Level 8

Foreign qualified dividends + l.t.capital gains are $0 on my 1099-Div from an RIC but TT says "this field should be at least $646" and will not proceed.

Foreign qualified dividends have to be at least $20,000 to have any influence on the outcome.  I suggest revisiting the foreign tax interview and when you get to that screen asking for foreign source qualified dividends or LT cap. gains, type in $650 to clear the error. 

 

The claim that the 1099-DIV contains no qualified foreign dividends sounds very dubious, but it's not worth the effort to investigate.

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