How to read Schwab 1099 to locate Total Foreign Source of income

[AZ-Tax]

JP Morgan 1099 itemizes out the "total foreign source income". I entered that amt in 1a of 1116. then I entered total Foreign tax paid in Part II in the US Dollar table under A r (total foreign taxes paid etc.) and wala, Ln 30 generated an amt equal to the amt I entered in A r.

Now the Schwab statement is giving me trouble locating total foreign source income. Anyone know how to read the Schwab statement?

This if for form 1041 Trust that form my research, 1116 needs to be completed.

[Burke]

Does the trust have any tax liability or is it all passing through to the beneficiaries? If it is from mutual funds, usually no 1116 needed. If input on the dividend worksheet, it usually will pass through to Line 14-B on the K-1.

[kamckinley]

Of course I can't find a Schwab 1099 with foreign taxes on it at the moment, but there should be an Interest and Dividends Summary section behind all of the 1099s. The breakdown should be in that section. If I can find one tonight or tomorrow I will confirm this.

[Burke]

I have one and found at the bottom under "Detail Information of Dividends & Distributions" the amount of foreign tax paid for each of the companies involved. Then you have to go to the actual company (under dividend detail) to see what the total dividends paid were. None of mine were mutual funds so that part is simple. If the foreign taxes paid were inside mutual funds, you would need that info delineated somewhere.

[AZ-Tax]

Thats just it, all foreign income was derived from MF's

I have one and found at the bottom under "Detail Information of Dividends & Distributions" the amount of foreign tax paid for each of the companies involved. Then you have to go to the actual company (under dividend detail) to see what the total dividends paid were. None of mine were mutual funds so that part is simple. If the foreign taxes paid were inside mutual funds, you would need that info delineated somewhere.

Thats just it, all foreign income was derived from MF's. JP Morgan does a good job on their statement re foreign income source.

[Burke]

You only need this information if you have to file 1116. You should be able to get around that by eliminating that form.

[AZ-Tax]

I tried and I tried

You only need this information if you have to file 1116. You should be able to get around that by eliminating that form.

Maybe it just my Pro Series software but my software wont even allow me to "override" so I can disable errors when e-filing. JP Morgan calculated correctly on the 1116 and with Schwab, I had to create a Foreign income amt that generate 100% of the foreign tax paid. We are only talking about $50 foreign tax paid.

[DonPriebe]

Schwab does report foreign income on personal accounts

I have several Schwab customers whose 1099/year end reports have a nice schedule of foreign income and tax from mutual funds. The listing is after the dividend details and before the fees listing. First time I noticed it; don't know if it there last year. But these are personal accounts reported under a SSN, not trust accounts with an EIN. My Schwab trust client has no foreign income ...

[kamckinley]

I don't think it was there last year. I have several clients with Schwab statements and I remember having to manually allocate (or guess!) on the foreign income. The summary of foreign income is a great improvement over previous years.