How to report Dividends from India India stocks in NRE brokerage account

[mickeydude]

Hello

I have a repatriable brokerage account (NRE) in India with ICICI bank, and have few stocks which pay dividends. Unfortunately ICICI doesn't provide any 1099 listing all the dividends received and the tax withheld on the dividends.

My question is, how to report there dividends on Turbo Tax return? Shall I enter every company name individually under 1099-DIV and enter the total dividend & tax withheld? Or just mention ICICI bank 1099-DIV and sum up all the dividends from all companies and the total amount withheld?

Any India tax experts?

@pk  @DaveF1006 @DianeW777 

Thanks

[pk]

@mickeydude , assuming that you are only using ICICI as a brokerage house and owning the shares  in India listed entities directly,  you should list each of share lots  individually and the amount of dividend for each.  If India taxes you on these then this tax may be eligible for  Foreign Tax Credit / deduction treatment.

On the other hand if ICICI has a mutual fund / investment basket that you have invested in, then  you can sum up all the  dividends  under  the name of that fund.  Note that depending on exact facts and circumstances, this may come under  PFIC rules.

The fact that  the investment account is  held in US$  ( i.e. dollar denominated account), I don't believe has anything to do with the tax treatment of the dividend.

Does this make sense ?   Is there more I can do for you

[mickeydude]

I will report the India entities individually as you suggested @pk . However, this is not a USD denominated account. Funds are in INR.

Thank you.