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Author: eurobask Two stars, 250 posts Old School Fool CAPS All Star Motley Fool One Everlasting Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121572  
Subject: Foreign tax paid ? Date: 3/4/2008 9:46 AM
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Doing my taxes now in TurboTax. In my Individual account, my 1099-DIV reports I paid $15.90 in "foreign tax". It states that "You entered $15.90 of foreign taxes paid. Now enter the portion of the $325.74 dividends and distributions that was from a foreign country and tell us which country you paid those taxes to." I'm not exactly sure which of my holdings (between 14 and 20 stocks or ETFs during 2007) would be considered a foreign based firm (perhaps FCX?). What's the best way to determine this so I can input accurate info into the software?

Additional notes provided below, with the last 2 sentences perhaps providing what I'm looking for.

Thanks
eurobask

Foreign Dividends and Tax

The dividends that were received and reported to you in Box 1a of Form 1099-DIV may include amounts from a foreign country. Foreign tax reported in Box 6 is an indication that you have received some foreign dividend.

The foreign dividend income must be included in your taxable income, but you may be able to get a credit or deduction for the foreign taxes paid. Entering the foreign country and the amount of foreign dividend will help TurboTax determine the amount of any credit or deduction.

The amount of the foreign dividend received is not specifically listed on Form 1099-DIV. To determine the portion of Box 1a that is foreign dividends, look at the paperwork provided by the dividend payer. It should list a foreign amount or a foreign source percentage you can use to calculate the portion that is from a foreign country.
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