Question

Forms 1099-INT or 1099-DIV - Foreign Dividends and/or Interest Received

Accepted Answer

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 will use the exchange rate on the last day of the year when converting the foreign figures.

Dividends

Foreign dividends are entered the same way that other dividends are entered – see the FAQ Form 1099-DIV - Entering Dividend Income in Program for details.

If an ID number is not available:

On the screen Dividend Income - Payer's Name, leave the Payer's ID number field blank.
If you paid foreign income taxes, enter that information on the screen for Dividend Income - Foreign Tax Paid.

Interest

Foreign interest is entered the same way that other interest amounts are entered – see the FAQ Form 1099-INT - Entering in Program for details.

If an ID number is not available:

On the screen Interest Income - Payer's Name, leave the Payer's ID number field blank.
If you paid foreign income taxes, enter that information on the screen for Interest Income - Investment Expenses and Foreign Taxes.

Form 1116

To review or modify Form 1116, see the “Form 1116” section of the FAQ Foreign Earned Income - Exclusion and Foreign Tax Credit (or Deduction).