Foreign source income percentage

[Yuppieswewe]

This fund has these details above.

Should I manually input anything in TT, similarly to when I deduct the % of income from US Treasuries from State?

thanks!

[DaveF1006]

To clarify, are you asking if you need to do anything additional when you prepare your state return?

@Yuppieswewe 

[Yuppieswewe]

yes, or maybe also for federal?

This info is provided by the brokerage firm not in the main 1099 DIV table, but afterwards in a subsection.

thanks!

[AmyC]

Your information shows 91.38% qualified for foreign tax credit. The IRS does not allow tax credit to all countries.

Not all states allow the foreign tax credit deduction, but some do. Which state?

Depending on the amount of foreign tax paid, you may not need to fill out the Form 1116. The amount is maximized at $300 or MFJ $600 to be exempt from filing the 1116.

[Yuppieswewe]

I was the first 6 months of the year in AZ and then in MT.

Could you please elaborate on " The amount is maximized at $300 or MFJ $600 to be exempt from filing the 1116"?

Thanks!

[DaveF1006]

Yes, if your foreign tax credit falls under these threshold amounts, then Form 1116 is not generated. This is only true though if you have passive income from investments such as interest and dividends.

[Yuppieswewe]

Thanks!!

Should I input manually any of these values in TT, or is TT taking these values out of the main 1099 boxes when I upload the main 1099 pdf files?

[DaveF1006]

It depends. You might check the  PDF files and if these do not populate, you may need to add the values manually.

[Yuppieswewe]

are the foreign source income info supposed to be in one of the main 1099 boxes?

or is it something that usually needs to be input manually like the % on interest from US government?

[SusanY1]

There isn't a standard format for reporting the share of foreign souce income, unfortunately.  Most brokerage firms offer it in the dividend detail section of the 1099-B reporting form.  Some make it very easy and give exact dollar amounts by country, and other give percentages requiring more thought and figuring to arrive at the proper number.  

If you have a PDF of the statement try searching (Ctrl+F) for the keyword "foreign" to see if it takes you to the right place.  Otherwise, look towards the latter pages of the documents in the dividend (or other appropriate income type) details provided.  

[Yuppieswewe]

I still have not input in TT any details from the appendix section of my brokerage firms pdfs...

But TT is already telling my that I have some credit from Foreign section...

Where do you think TT took this information from?