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New Member
posted Jun 1, 2019 3:20:17 PM

What is the "foreign source amount included on dividends" on the Consolidated 1099? I did not receive a Schedule B so I do not know what figure correlates

Turbo tax is asking for the figure that is Box 7d on Schedule B 1099 DIV

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Level 15
Jun 1, 2019 3:20:19 PM

When enter the 1099-DIV portion of the broker's consolidated  report as shown  i.e. total dividends, qualified dividends, .... foreign taxes paid etc. Once you do that TurboTax would be expecting the  foreign income that generated  the tax credit that you are asking for as credit. Under Title 26.USC 904(j).2.(B)  as long as the taxes paid do not exceed $300 ( $600 for jointly filed ) in any one tax year, you can just get the credit for foreign taxes  in this category.  You compute the foreign income by accumulating the incomes from percentage foreign investment/income multiplied by your own number of Mutual shared owned, for each fund that you have invested in.  That should satisfy TurboTax.  Or call your broker for the amount of foreign earnings