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Finding out what part of mutual fund income is foreign income?

Annoyingly, we're over the $600 of foreign taxes withheld (all on

1099-DIV from mutual funds) threshold for the first time, which means for the first time we'll have to do Form 1116 for real. (Thankfully we qualify for the adjustment for qualified dividends exception, at least.)

Looking at the form, I see it wants gross foreign income. So how do you find out what fraction of dividends from a mutual fund are foreign income? I don't recall ever getting such information (though I do get info on US govt obligations and state-by-state tax-exempt percentages). Go poking around the fund's or ETF's website for a document that breaks that down?

Reply to
Rich Carreiro
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"Rich Carreiro" wrote

The broker reports I get give me that breakdown. Sorta. It's in the detail year-end report. Generally it'll show the dividends paid and the foreign taxes withheld from a particular investment. And it often times takes some computations if there are several foreign investments.

Reply to
paulthomascpa

Yes. Usually the fund will send you this information, but it often comes separately from and later than the 1099. It's often faster to call the fund and ask them where the information is because sometimes it's really hidden on the website.

Ira Smilovitz Leonia, NJ

Reply to
ira smilovitz

What's always bugged me is that this information is sent out as percentages, which you have to apply to the amount in 1099-DIV box 1a, yet TurboTax asks for it in dollars. Any time I'm using a tax program and I have to pull out a calculator app, it means the software vendor forgot to give me a proper worksheet.

Are other tax programs better at this?

Reply to
Barry Margolin

"Barry Margolin" wrote

I use Drake. It allows me to enter dollar amounts or percentages.

Reply to
paulthomascpa

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