How to report foreign income and dividends

Forum|Forum|6 years ago
June 6, 2019
4 replies
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where on turbo tax do I report foreign interest and dividends?

TurboTax Premier Online

Best answer by KarenJ2

You will report foreign interest and dividends as if you received a 1099INT or a 1099DIV.

Enter 1099int in the search box at the top of the screen. Click Jump to and it will take you to the interest section.

Enter 1099div in the search box at the top of the screen. Click on Jump to and it will take your to the dividend section.

IF you have foreign tax paid on foreign interest and dividends and no forms, please enter the interest/foreign tax AS IF you have form 1099-INT (put foreign interest in box 1 and foreign tax in box 6) or form 1099-DIV respectively.

KarenJ2Answer

You will report foreign interest and dividends as if you received a 1099INT or a 1099DIV.

Enter 1099int in the search box at the top of the screen. Click Jump to and it will take you to the interest section.

Enter 1099div in the search box at the top of the screen. Click on Jump to and it will take your to the dividend section.

IF you have foreign tax paid on foreign interest and dividends and no forms, please enter the interest/foreign tax AS IF you have form 1099-INT (put foreign interest in box 1 and foreign tax in box 6) or form 1099-DIV respectively.

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KimT-IL

So then do I just deduct those amounts from the total on the 1099-DIV on which they were reported as a lump sum?

ReneeM7122

Yes, you are correct. You can deduct those amounts from the total on the 1099-DIV on which they were reported as a lump sum.

@KimT-IL

TreeCutter

This answers provided so far are not helpful, or perhaps leave too much unsaid.

This is a foreign dividends question.

I have a 1099 from a Brokerage Firm. Part of my dividends are from foreign stocks, both registered in the UK. The UK does not withhold taxes on the dividends, due (I believe) to a treaty with the US. On my 1099, the foreign dividends are mixed with dividends from US (domestic) stocks, so I get only one number. Yet, I suspect I am supposed to report to the IRS the portion of these 1099 dividends that come from foreign sources.

So question 1: Do I need to tell the US govt how much of the dividends are from foreign sources?

Question 2: If 1 is Yes, then how/where do I do this.

Question 3: If 1 is Yes, where - on which form - do I tell the IRS which country the dividends came from?

Since the UK did not withhold any taxes on the dividends, there were no foreign taxes paid, and therefore it appears to me that a Form 1116 is not necessary and is not appropriate.

Question 4: Can someone confirm whether this is correct.

DaveF1006

You will report foreign dividends as if you received a 1099INT or a 1099DIV.

Enter the information on the 1099DIV form. Check the the box where it says My form has info in other boxes (this is uncommon). Enter $1 of foreign tax paid in Box 7.
As you move through the screens, you will reach a screen where the program will ask you to report your foreign dividends earned. here you will enter the amount of foreign dividend income.
Since there were no foreign taxes paid, you do not need to file a Form 1116.
it is not necessary to report the country where your dividends were earned from.

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TreeCutter

OK, I will try that.

TurboTax perhaps should change their software. By putting in the $1, as you suggest, I am putting in false data so I can make the software bring (fool the software into bringing) up the screen I need. IMO, there should instead be a way to do this without having to 'fool' the system.

I will try it, see what happens.