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Finding out what part of mutual fund income is foreign income?
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Rich Carreiro
Feb 3, 2012, 11:12:13 PM2/3/12
to
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?
--
Rich Carreiro rlc-...@rlcarr.com
--
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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?
--
Rich Carreiro rlc-...@rlcarr.com
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2011) - All rights reserved. >>
<< ------------------------------------------------------- >>
paulthomascpa
Feb 4, 2012, 8:37:52 AM2/4/12
to
"Rich Carreiro" <rlc-...@rlcarr.com> wrote
> 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?
The broker reports I get give me that breakdown. Sorta. It's in the detail
> 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?
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.
--
Paul Thomas, CPA
www.paulthomascpa.com
ira smilovitz
Feb 4, 2012, 8:53:20 AM2/4/12
to
On Friday, February 3, 2012 11:12:13 PM UTC-5, Rich wrote:
> 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?
>
> --
> Rich Carreiro rlc-...@rlcarr.com
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.
> 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?
>
> --
> Rich Carreiro rlc-...@rlcarr.com
Ira Smilovitz
Leonia, NJ
Barry Margolin
Feb 4, 2012, 11:05:47 AM2/4/12
to
In article
<3134053.65.1328362790711.JavaMail.geo-discussion-forums@vbiq27>,
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?
--
Barry Margolin
Arlington, MA
<3134053.65.1328362790711.JavaMail.geo-discussion-forums@vbiq27>,
ira smilovitz <ira.sm...@gmail.com> wrote:
> 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.
What's always bugged me is that this information is sent out as
> 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.
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?
--
Barry Margolin
Arlington, MA
paulthomascpa
Feb 4, 2012, 3:16:59 PM2/4/12
to
"Barry Margolin" <bar...@alum.mit.edu> wrote
> 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?
I use Drake. It allows me to enter dollar amounts or percentages.
> 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?
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