1099 DIV Foreign Tax paid

[Kea]

Jist a "heads up" --

The dividend worksheet doesn't have a place to enter the foreign taxes paid. So you have to make your own note and manually enter them on Line 47 of the 1040 (assuming you don't need 1116).

Unless I just haven't found the right place for entering!

[Don in Upstate NY]

You are correct. This is one of the simple things that TaxWise just doesn't support.

[jetaxes]

It can also go on Schedule A under Taxes Paid.

Check it out on Tax Book 11.11.

[Guest Taxed]

I use Schedule A for taxes paid to Canada etc on Dividend income. Have not had one rejected yet. I did like the taxworks option of using the Divident form to input foreign taxes paid. It was all in one place.

[Kea]

The credit generally lowers taxes by more than the Sch A dedution. There's also the 1116 route, but it requires more work. But in some circumstances, it's the only option.

[Guest Taxed]

You are correct, however the amounts that I am mostly dealing with are less than $10! If it is a significant amount of money then form 1116 should be looked at. I guess most of my clients like to invest in good old USA!

[Kea]

I have several clients who invest in US mutual funds that sometimes have a small foreign investment component. Most are pretty small $ amount.