Reporting Foreign Dividends

Forum|Forum|4 years ago
April 2, 2022
1 reply
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I am in the Wages and Income section of TurboTax entering my Dividend Income from a 1099. I have foreign dividends from a couple of countries via individual stocks I own as well as foreign dividends from a mutual fund. When TurboTax asks me where the dividends are from, I must select either a) Mutual Fund/RIC or b) Other Source. In my case, I have both but the program does not allow me to select both. How do I enter the individual countries and RIC for each category of income?

JulieS

If your individual stocks are held by a broker that is an RIC (Registered Investment Company), you can just select RIC for all of the foreign income and tax.

If you have separate 1099-DIV forms for the individual stocks, you can select the country of origin for each 1099-DIV.

It may help to know the purpose of this question is make sure you are not taking a credit for taxes paid to a country that supports terrorism. So if you have your investments with a company like Fidelity, you can use RIC for the source even if your details shown France or Germany, for instance.

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MAC18Author

Thank you for the reply JulieS. The individual foreign stock dividends are reported to me from a couple of brokerage form 1099-DIV’s. So if I understand you correctly, I will report those dividends as coming from RIC even though the 1099 lists the individual countries. I had originally intended to report those dividends as coming from “Various”. I also have foreign dividends and foreign taxes paid reported to me on a couple of k-1 forms from investment partnership funds. There are several countries accounting for these dividends. Should these k-1 foreign dividends also be reported as coming from RIC or from “Various”?