Bad luck or accountant's error?

My accountant filed a 1116 that simply said "various" under countries involved. There were probably a dozen or so countries, and the brokerage statement gave no information other then the foreign stocks involved. I suppose someone could have looked up each stock to see what country they were in.

The IRS rejected the filing, saying (apparently correctly) that they require the specific country. My accountant is perplexed, saying he files hundreds each year as "various" and has never had a problem. While the IRS might be technically correct, it is something that is never enforced.

Is my accountant correct in his claim that "various" is almost always accepted by the IRS? If so, any idea why they came down on me? There is only $2,500 involved.

Reply to
Confused
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That's what my accountant does in a similar situation, funds that pass through dividends from multiple countries.

Dunno why the IRS rejected it, unless it was just an agent in a bad mood.

R's, John

Reply to
John Levine

I'm going to guess that if there was a "dozen or so countries", that your holdings were probably mutual funds. As such, you can say "Various" for this type of passthrough entity. You are also, technically, supposed to add the word "RIC" (regulated investment company) on Line g of the

1116. If on the other hand, we are discussing stock that you owned in companies from various foreign countries, then you may not say Various.

Fortunately, the only returns I see are for mutual funds.

Reply to
Alan

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