Foreign Tax Paid

Forum|Forum|3 years ago
March 2, 2023
2 replies
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I have 2 investing accounts that each have amounts listed in 1099DIV, box 7. When I run the TT review it won't accept the values. It says the values are "Not between the prescribed upper and lower limits." I have no idea what this means or what I need to do. Can anyone help me?

MonikaK1

Review your entries for Forms 1099-DIV. This message may appear if there is a negative number entered.

If you enter Foreign Tax paid on a 1099-DIV (the amount appearing in Box 7 of your Form 1099-DIV), you then need to enter the amount of Foreign Income associated with that tax in the Foreign Tax Credit section.

Your 1099-Div statement should show the amount of Foreign Dividends you received, either as an amount or a % of total dividends.

Click this link for more info on Foreign Tax Reported on 1099-Div.

See this thread also for another discussion and solution regarding this topic area.

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bogie49

I have the same issue; imported 1099 from my brokerage account, and upon federal review, TT says "Check This Entry Box 7 is not between the prescribed....". Amount entered in Box 7 is -0.90 and I see 1099 has a detail for Foreign Tax paid of -0.90 on a stock.

How did you get around this?

AmyC

Employee

@bogie49 Foreign tax paid would need to be a positive number. You should remove the negative number and leave box 7 blank. If you can confirm actual tax paid of a positive amount, enter that figure instead.

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farleylai

I think TurboTax fetches the wrong field such that the Foreign tax paid in Box-7 becomes negative in 1099-DIV (e.g. from Apex Clearing). It is negative in the section titled "Dividends and Distributions - Details of Form 1099-DIV" but positive in Tax Reporting Statement on page 1. So I believe TurboTax should correct it soon in case of confusion.