Enter foreign taxes paid on foreign dividend income (2024)

Go to the

Income

folder.

Select the

B&D

or

Broker

tab. Only use the

Broker

screen if you want to enter a consolidated 1099.

Open the

Dividend income

statement and complete these fields:

F/S:

If the dividend income is federal-only or state-only, code it as federal or state. If the dividend income should be reported on both federal and state, leave this field blank.

TSJ:

See Also

Understanding the US-UK tax treatyInterest and Dividends | South African Revenue ServiceSending money from abroad to UK account - Community ForumUnderstanding Taxation of Foreign Investments

Code the dividend income to the Taxpayer, the Spouse, or as Joint. This field doesn't exist if you come from the

Broker

screen because the entire

Broker

screen is coded to the Taxpayer, Spouse, or Joint and the

Dividend income

statement automatically picks up the code from there.

Type Code:

Leave blank.

Payer name:

Enter the payer name.

Ordinary Dividend:

Enter ordinary dividend amounts from Form 1099-DIV, foreign or not. Don't enter tax-exempt dividends in this field.

Qualified Dividend:

Enter qualified dividend amounts from Form 1099-DIV, foreign or not. Don't enter tax-exempt dividends in this field.

Total Cap Gain:

Enter total capital gain distribution amounts from Form 1099-DIV or similar statements, foreign or not.

Foreign Ord Div:

Enter the amount of foreign ordinary dividends. If the foreign amount is the same as the

Ordinary Dividend

amount, you can skip this field and mark the

X if Foreign

field. Select if this field doesn't show.

See Also

The Foreign Investment Income US Tax & Reporting Implications

Foreign Qual Div:

Enter the amount of foreign qualified dividends. If the foreign amount is the same as the

>Qualified Dividend

amount, you can skip this field and mark the

X if Foreign

field.

Foreign Cap Gain:

Enter the amount of foreign capital gains. If the foreign amount is the same as the

Total Cap Gain

amount, you can skip this field and mark the

X if Foreign

field.

Foreign Tax Paid:

Enter the amount of foreign taxes paid on foreign source income to calculate Form 1116.

X if Foreign:

Mark this field to indicate there's foreign source income in this line. If you mark this, UltraTax CS uses the

Foreign Tax Paid

amount and the

Foreign Ord Div

,

Foreign Qual Div

, or

Foreign Cap Gain

amounts to calculate Form 1116. If you didn't enter an amount in those fields, UltraTax CS uses the

Ordinary Dividends

,

Qualified Dividends

, or

Total Gap Gains

amount.

FATCA:

Enter

X

if the FATCA checkbox is marked in the source document. There may be additional filing requirements for Form 8938 and/or FinCEN Form 114. Review the filing instructions for more information.

For fields that were skipped during these steps, fill them in as needed for your client or to get the result you need on Schedule B.

Go to the

Credits

folder and select the

1116

screen to complete any additional data entry you need to get the result you need on Form 1116.

Nominee amount adjustments

Create a 2nd line in the

Dividend income

statement.

Enter code

3

in the

Type code

field.

Enter the adjustment as a positive amount in the same column that you entered the total dividend income in.