Foreign Tax Credit: Infosys - should I choose RIC or India?

Forum|Forum|5 years ago
May 8, 2021
2 replies
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Hi there,

I am using Turbotax premier. Charles Schwab has sent me a 1099 with foreign tax paid for Infosys.

Infosys is a company in India. While entering the country in TurboTax Premier, should I choose RIC or India?

Thank you.

Best answer by Old_Guy

You should use the country code listed on your 1099. I suspect there is a "Supplemental Information" section near the end of your 1099 with a "Foreign Tax Paid and Income Summary" subsection. There should be a row for the Infosys; in that row, in the Country column (third column?), you should find the appropriate code.

The RIC code is normally for dividends paid through mutual funds. If you hold the stock directly, it will probably be IN.

O

Old_GuyAnswer

You should use the country code listed on your 1099. I suspect there is a "Supplemental Information" section near the end of your 1099 with a "Foreign Tax Paid and Income Summary" subsection. There should be a row for the Infosys; in that row, in the Country column (third column?), you should find the appropriate code.

The RIC code is normally for dividends paid through mutual funds. If you hold the stock directly, it will probably be IN.

M

Mike9241

Infosys is not a regulated investment company (RIC). as for the country as long as you only have FTC from 1 country India, various, or other countries works.