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Subject Author Date
1099-DIV Foreign Tax Paid Greg Grotyohann 07-11-2007
Posted by Greg Grotyohann on July 11, 2007, 5:15 pm
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 I have Alcatel-Lucent stock which deducts French withholding tax from
dividends. I'm trying to create a category in Quicken that maps to Line 6
(Foreign Tax Paid) on a 1099-DIV but can't find it. Anyone have any ideas?

Thanks,

Greg



Posted by Ira Smilovitz on July 11, 2007, 5:49 pm
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>I have Alcatel-Lucent stock which deducts French withholding tax from
>dividends. I'm trying to create a category in Quicken that maps to Line 6
>(Foreign Tax Paid) on a 1099-DIV but can't find it. Anyone have any ideas?

Why are you trying to map to a 1099-DIV? That form is used to report to you
the foreign tax withheld. You will report that number in one of three
places: On Schedule A, on Form 1116, or directly on the back of Form 1040.
You should be looking for a mapping to one of these lines.

Ira Smilovitz



Posted by Greg Grotyohann on July 11, 2007, 5:53 pm
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>>I have Alcatel-Lucent stock which deducts French withholding tax from
>>dividends. I'm trying to create a category in Quicken that maps to Line 6
>>(Foreign Tax Paid) on a 1099-DIV but can't find it. Anyone have any ideas?
>
> Why are you trying to map to a 1099-DIV? That form is used to report to
> you the foreign tax withheld. You will report that number in one of three
> places: On Schedule A, on Form 1116, or directly on the back of Form 1040.
> You should be looking for a mapping to one of these lines.
>
> Ira Smilovitz

The gross dividend was 5.39 minus .91 for foreign tax withheld. How should I
enter that into Quicken?

Greg



Posted by Jim - NN7K on July 12, 2007, 8:16 pm
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And, BTW, IF you use the 1099-div. form, the Foreign
Tax is a Deduction, off your Income tax-- IF you
use the 1116-A the tax becomes a CREDIT against
your total taxs (Do you want to take 15 %, or 100%
of the value of these taxs paid? 1116 = more
paper, 1099div = LESS value to you! Jim

Ira Smilovitz wrote:
>> I have Alcatel-Lucent stock which deducts French withholding tax from
>> dividends. I'm trying to create a category in Quicken that maps to Line 6
>> (Foreign Tax Paid) on a 1099-DIV but can't find it. Anyone have any ideas?
>
> Why are you trying to map to a 1099-DIV? That form is used to report to you
> the foreign tax withheld. You will report that number in one of three
> places: On Schedule A, on Form 1116, or directly on the back of Form 1040.
> You should be looking for a mapping to one of these lines.
>
> Ira Smilovitz
>
>

Posted by Steve Dawson on July 13, 2007, 3:14 pm
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Just a question on a somewhat related note. Does Turbo Tax handle the 1116
Form?

Steve Dawson

> And, BTW, IF you use the 1099-div. form, the Foreign
> Tax is a Deduction, off your Income tax-- IF you
> use the 1116-A the tax becomes a CREDIT against
> your total taxs (Do you want to take 15 %, or 100%
> of the value of these taxs paid? 1116 = more
> paper, 1099div = LESS value to you! Jim
>
> Ira Smilovitz wrote:
>>> I have Alcatel-Lucent stock which deducts French withholding tax from
>>> dividends. I'm trying to create a category in Quicken that maps to Line
>>> 6 (Foreign Tax Paid) on a 1099-DIV but can't find it. Anyone have any
>>> ideas?
>>
>> Why are you trying to map to a 1099-DIV? That form is used to report to
>> you the foreign tax withheld. You will report that number in one of three
>> places: On Schedule A, on Form 1116, or directly on the back of Form
>> 1040. You should be looking for a mapping to one of these lines.
>>
>> Ira Smilovitz



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