Question

What to substitute for Federal ID when dividend income is from a foreign country

Forum|Forum|3 years ago
April 3, 2023
1 reply
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I have dividend income from a foreign company (British And American Tobacco) . There is obviously no Federal ID to be filled in on the tax forms. Yet, I get an error message if I leave the space blank. I called the company and was told to follow the advice of Turbo Tax. Please advise.

Thanks!

Not A Product Question

M

MonikaK1

Even though an error message may appear, you can click Continue until TurboTax progresses to another screen.

IF you have foreign tax paid on foreign dividends and no forms, you can enter the foreign tax AS IF it were reported on Form 1099-DIV, by entering it in Box 7 of the Form 1099-DIV entry screen.

If you have paid taxes on foreign dividend income to both foreign and US tax authorities, the IRS allows you to claim a foreign tax credit on your US tax return. To claim this foreign tax credit, you would need to file a Form 1116 Foreign Tax Credit. Enter the information for Foreign Tax Credit in Deductions and Credits. This amount will show on Schedule 3 line 1 and line 20 on Form 1040.

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