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When you enter a Form 1099-INT Interest Income and/or Form 1099-DIV Dividends and Distributions 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:

  1. From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click in the upper left-hand corner, then click Federal.
  2. Click Investment Income in the Federal Quick Q&A Topics menu to expand, then click Interest income (Form 1099-INT).
  3. Click + Add Form 1099-INT to create a new copy of the form or click Edit to review a form already created.
  4. Click Quick Entry to scroll down to answer all applicable questions or click Step-by-Step Guidance to proceed with the program interview questions.
  5. On the screen titled Interest Income - Investment Expenses and Foreign Taxes, enter the 6. Foreign tax paid amount, select the country from the 7. Foreign country drop-down, then click Continue.
  6. On the screen titled Interest Income - Foreign Interest, enter the Foreign interest income included above amount, then click Continue.

To enter the foreign source ordinary dividends, qualified dividends, or capital gain distributions for Form 1099-DIV:

  1. From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click in the upper left-hand corner, then click Federal.
  2. Click Investment Income in the Federal Quick Q&A Topics menu to expand, then click Dividend income (Form 1099-DIV).
  3. Click + Add Form 1099-DIV to create a new copy of the form or click Edit to review a form already created.
  4. Click Quick Entry to scroll down to answer all applicable questions or click Step-by-Step Guidance to proceed with the program interview questions.
  5. On the screen titled Dividend Income - Foreign Tax Paid, enter the 7. Foreign tax paid amount, select the country from the 8. Foreign country drop-down, then click Continue.
  6. On the screen titled Dividend Income - Foreign Income Information, enter the foreign source amounts, then click Continue.

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


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