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Jo62
Level 3

Form 1116 Qual Div and LT Cap Gains

I had to enter my 1099 manually because of the banner saying that the import from Fidelity is not supported this year. The review step is asking a number for Qual Div and LT Cap Gains that must be over ~$5000

 

On my Fidelity 1099 form, I have numbers for the following: 

1a Total ordinary dividends (already entered previously)

dividends distributed (amount is under $5000)

1b qualified dividends (when I try entering this amount, I get another message that the amount is too high)

7 foreign tax paid (already entered)

 

Should I enter the $5000 number suggested by Turbotax although it doesn't match any number that I have? 

If not, what should I enter? 

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1 Best answer

Accepted Solutions
rogge1722
Level 9
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Form 1116 Qual Div and LT Cap Gains

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.

View solution in original post

2 Replies
rogge1722
Level 9
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Form 1116 Qual Div and LT Cap Gains

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.

Jo62
Level 3

Form 1116 Qual Div and LT Cap Gains

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