Problem entering foreign income and taxes paid

Forum|Forum|3 years ago
April 11, 2023
1 reply
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I have a special managed account (not a fund) with Fidelity where they buy and sell a lot of foreign stocks in a given year. So I end up with income in about 20 countries. After I entered all my income and deductions, Turbotax brings up a screen that asks "Where Did You Receive Dividend Income From?" and provides a section below where I can enter each country in drop down tools. All this worked well. After I hit "Continue", a screen pops up that asks me to select a county and enter the income earned in that county. When I get to my third county (Belgium), it clears all the remaining countries on my list and asks me if I am done. When I go back to the drop down selection screen, all but the top two countries have been removed. I tried reentering each one again and the program crashed. So I restarted and reentered my 20 or so countries only to have Turbotax delete them all but the top two again. This is really frustrating because it seems like I'm missing out on getting credit for my foreign taxes paid and not complying with IRS requirements here! Anyone have a solution to this?

Thanks!

LindaS5247

Use various and include them all together.

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mchinnasAuthor

I had Various in there originally. However, the popup explanation that Turbotax included when I go to the screen in question said that the IRS requires me to list out each country separately. But it also states that I need to create a separate 1099-div for each country. That would have meant more than 20 separate div's for one of my investments alone! In the end, I couldn't even do this as Fidelity didn't provide enough detail in their 1099 to separate out each country. So I did end up keeping it listed as Various.

Thanks for your reply as it makes me a least somewhat comforted that it was an acceptable approach.