Calculating accurate input for 1099-DIV when Mutual Fund Securities have varied percentages of Income from US government Securities

Forum|Forum|1 year ago
February 23, 2025
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QUESTION #1:

I need help calculating accurate input for 1099-DIV when varied Securities have varied percentages of Income from US government Securities.

I live in Ohio.

I have varied Mutual Fund investments with different amounts of percentages of Income from US government Securities. Do I / Can I multiply the Total Dividend & distribution amount by the percentage of income from US gov't Securities -- and then enter that number into Box 12? Or does that calculated amount get entered somewhere else?

My understanding is there should be no State of Ohio tax on Federal Security Income/Dividends..

QUESTION#2:

One of my Mutual funds has percentages listed for Foreign Source Income. Does that get entered into any particular line?

Looking for guidance.

DaveF1006

Yes, you are correct. You may multiply the Total Dividend & distribution amount by the percentage of income from US gov't Securities and then enter that number into Box 12. This determines your tax exempt dividend amount.

Yes, if there is a foreign tax paid amount listed in Box 7 of your 1099 DIV, here should be a follow-up question will ask how much of this dividend is foreign sourced. Here you will multiply the amount of the dividend by the percentage to report the number. This is then used to determine your foreign tax credit for the year.

Then to claim your foreign tax credit, you would go to:

Go to Federal
Deductions and credits
Estimate and other taxes paid
Foreign Tax Credit>start or revisit
As you start navigating through the section, the information you entered will appear in this section and then you finish, you have claimed your foreign tax credit or at least, a portion of it.

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