Foreign Tax Credit-Addition Div Info wkst

[AZ-Tax]

I use ProSeries so I dont know if this wkst page is set up the same way with other tax softwares but on the bottom of the wkst the question is: #7 Total foreign source income from box 1........I see NO box 1 on the Form 1099-Div issued by the Mutual Fd just columns: 1a, 1b, 2a, 4, 6. So where is the amt required in #7 to be found?

[FEDUKE404]

You gotta go find it!

I use ProSeries so I dont know if this wkst page is set up the same way with other tax softwares but on the bottom of the wkst the question is: #7 Total foreign source income from box 1........I see NO box 1 on the Form 1099-Div issued by the Mutual Fd just columns: 1a, 1b, 2a, 4, 6. So where is the amt required in #7 to be found?

I'm not familiar with your software, but it appears the information requested is not necessarily shown on any Form 1099-DIV.

You must supply the appropriate "foreign" income that applies to each country that has a foreign tax withheld. The only way you can find that is to delve through the yearly summary statement and match the foreign tax withholdings to the specific applicable income from the country involved.

If you are dealing with a mutual fund (and there is likely a selection in your software to designate such) then the fund itself should supply you with the appropriate amount/percentage of "foreign income" to use.

And, if you're in an AMT environment......you have to do everything twice!!

FE