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When you enter a Form 1099-INT and/or Form 1099-DIV with an amount in the Foreign Tax Paid box, you will need to determine how much of the total interest, ordinary dividends, qualified dividends, and/or capital gain distributions are from foreign sources.

You may have received a supplemental statement outlining these amounts. If you did not, contact the financial institution or brokerage firm for additional information.

Once you know those amounts, we can assist you with any questions you have on how to enter that information in the TaxAct program as outlined below.

To enter the foreign source interest income for Form 1099-INT Interest Income, follow the steps below. 
  1. From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click the menu icon in the upper left-hand corner, then select Federal.
  2. Click Investment Income to expand the category and then click Interest Income (Form 1099-INT)
  3. Click +Add Form 1099-INT to create a new copy of the form or click Review to review a form already created 
  4. Click Quick Entry or Step-by-Step Guidance
    1. If you select Quick Entry, fill in the form to match your paper copy of Form 1099-INT and be sure to scroll down to complete all of the applicable fields below the actual form.
    2. If you select Step-by-Step Guidance, the program will proceed with the interview questions for you to enter or review the appropriate information.
  5. Note that the Foreign Tax Paid and the selection of the Foreign Country are done in boxes 6 and 7 of the form (Quick Entry method) or on the screen titled Interest Income - Investment Expenses and Foreign Taxes (Step-by-Step Guidance method).  To enter the foreign interest income included in box 1 you would complete line 19 by scrolling down past the actual Form 1099-INT (Quick Entry method) or by entering the amount on the screen titled Interest Income - Foreign Interest (only available if you have made an entry in the Foreign tax paid: field on the earlier screen Interest Income - Investment Expenses and Foreign Taxes (Step-by-Step Guidance method). 

To enter the foreign source ordinary dividends, qualified dividends or capital gain distributions for Form 1099-DIV Dividends and Distributions, follow the steps below. 
  1. From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click the menu icon in the upper left-hand corner, then select Federal.
  2. Click Investment Income to expand the category and then click Dividend Income (Form 1099-DIV)
  3. Click +Add Form 1099-DIV to create a new copy of the form or click Review to review a form already created 
  4. Click Quick Entry or Step-by-Step Guidance
    1. If you select Quick Entry, fill in the form to match your paper copy of Form 1099-DIV and be sure to scroll down to complete all of the applicable fields.
    2. If you select Step-by-Step Guidance, the program will proceed with the interview questions for you to enter or review the appropriate information.
  5. Note that the Foreign Tax Paid and the selection of the Foreign Country are done in boxes 6 and 7 of the form (Quick Entry method) or on the screen titled Dividend Income - Foreign Tax Paid (Step-by-Step Guidance method).  To enter the other foreign source entries you would complete the Foreign Tax Credit Information section of the form by scrolling down past the actual Form 1099-DIV (Quick Entry method) or by entering amounts in the appropriate fields on the screen titled Dividend Income - Foreign Income Information (only available if you have made an entry in the Foreign tax paid: field on the previous screen (Step-by-Step Guidance method). 

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