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March 28, 2022
Question

I have a 1099-DIV that has foreign income from more than 1 country. Turbotax only lets me select one country per 1099. Some are RIC and some are stocks from Canada.

  • March 28, 2022
  • 1 reply
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This is for the Form 1116 Reporting of foreign taxes paid.

1 reply

Employee
March 29, 2022

Since there are 2 countries, RIC and Canada, you will need 2 1099-DIV's, the actual and one fictitious.
Bring up a blank 1099-DIV. Name the payer " Canada". In box 1a insert the total ordinary dividends that came from Canada. In box 1b, insert all Canadian qualified dividends In box 7 insert the foreign tax paid to Canada.

 

Subtract these amounts from the actual 1099-DIV. Thus the actual 1099-DIV will represent only the RIC and the fictitious 1099-DIV will represent only Canada.

 

When you go to the foreign tax interview, both payers will be displayed and you can run both thru the interview.