Question

Looking for Foreign Dividends Received. How do I find that? Is it ordinary dividends with foreign tax paid? Qualified Dividends?

Forum|Forum|5 years ago
February 23, 2021
1 reply
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Also the foreign tax paid shows as various. Do you know where I find which countries this is? By the way, this is for Fidelity Investments forms.

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DaveF1006

All this information should be disclosed in a supplementary disclosure statement sent with the 1099. In the the old days, when you claimed a foreign tax credit, you could pick various as an option to report. IRS has tightened up now on that requirement to make the reporting more transparent.

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J

jnpwllAuthor

Thank you for responding. Though it's not in the supplemental. The countries are not listed, and I'm not clear if Foreign Dividends Received are adding up ordinary dividends or qualified dividends?

J

JoannaB2

The foreign tax are taxes paid on your investment outside the United States. If you paid foreign tax, it will be entered on form 1116, Foreign Tax Credit, to claim the credit.

The total foreign sourced qualified dividends and ordinary income are reported on Form 1099-Div or 1099 Consolidated form from the brokerage firms. The amoumt on 1099-Div or 1099-Consolidated of qualified and ordinary dividends were the total amount you needed to report on your income tax.

The qualified dividends are taxed at a capital gain tax rates while ordinary dividends are taxed at a standard federal tax rates.