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To report foreign dividend or interest income, enter the information as though you had received a Form 1099-DIV Dividends and Distributions or Form 1099-INT Interest Income, but leave off the Payer's Federal Identification Number. This number is not required and the return will still electronically file without the number. The information required by the IRS is then transferred to Schedule B (Form 1040) Interest and Ordinary Dividends of the return.

Note. If the income is reported to you in foreign currency figures, you would use the exchange rate on the last day of the year when converting the foreign figures.


Dividends

To enter Form 1099-DIV Dividend Income into the program when it is to report foreign dividends and an ID number is not available (if you need help accessing Form 1099-DIV, go to our Form 1099-DIV - Entering Dividend Income in Program FAQ):

  1. From within your Form 1099-DIV, on the screen titled Dividend Income - Payer's Name, leave Payer's ID number blank.
  2. If you paid foreign income taxes, then on the screen titled Dividend Income - Foreign Tax Paid, enter this information.

Interest

To enter Form 1099-INT Interest Income into the program when it is to report foreign interest and an ID number is not available (if you need help accessing Form 1099-INT, go to our Form 1099-INT - Entering in Program FAQ):

  1. From within your Form 1099-INT, continue with the interview process until you reach the screen titled Interest Income - Payer's Name, and leave Payer's ID number blank.
  2. If you paid foreign income taxes, then on the screen titled Interest Income - Investment Expenses and Foreign Taxes, enter that information.

Form 1116

To review or modify Form 1116 Foreign Tax Credit due to the foreign dividend and/or income tax entries:

  1. From within your TaxAct return (Online or Desktop), click Federal (on smaller devices, click in the top left corner of your screen, then click Federal).
  2. Click the Other Credits dropdown, then click Foreign tax credit.
  3. Click Review next to Manual Input Worksheet to review the worksheet which was created based on previous entries.

Note that any link in the information above is updated each year automatically and will take you to the most recent version of the webpage or document at the time it is accessed.


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