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February 22, 2025
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Foreign Taxes on 1099-Div

  • February 22, 2025
  • 2 replies
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I have Foreign Taxes on the 1099-DIV. Quicken Business asks what the Foreign Dividend portion of what the Tax is based on.

 

The details show both the Long Term Capital Gain and the Dividend.  Should I just report the Dividend Portion or add the Dividend and Long Term Capital Gain Together and report both.

 

I.E. $ 32.37 Foreign Tax paid.  Qualified dividend is $420.73; Long Term Capital Gain is $792.70.

Should I report $420.73 as the Dividend base or should I report$1213.43 [$420.73 + $792.70]

    Best answer by AmyC

    Just the dividend. The Form 1116, Foreign Tax Credit instructions show different versions of the question you asked based on various scenarios. Based on the your original dividend wording, it would be just the dividends.

    2 replies

    AmyC
    AmyCAnswer
    Employee
    February 23, 2025

    Just the dividend. The Form 1116, Foreign Tax Credit instructions show different versions of the question you asked based on various scenarios. Based on the your original dividend wording, it would be just the dividends.

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    koczani53Author
    February 28, 2025

    Thanks for the quick answer Amy.

    koczani53Author
    February 28, 2025

    Thanks for the quick answer.