1099-DIV Foreign Tax Paid

Greg_the_GeekGreg_the_Geek ✭✭✭✭✭SuperUser ✭✭✭✭✭
edited October 2018 in
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
Quicken 2017 H&B - Windows 10

Comments

  • J_MikeJ_Mike ✭✭✭✭✭ SuperUser ✭✭✭✭✭
    edited October 2018
    Quote:" 1099-DIV Foreign Tax Paid: I have Alcatel-Lucent stock which deducts French withholding tax from dividends. I'm trying to create a..."The best that I have been able to do is assign tax line item "Schedule A:Other taxes"This serves to flag the item as tax related and it gets_included in the tax schedule report. I then make the manual adjustment in TurboTax.
    QWin & QMac (Deluxe) Subscription
    Quicken user since 1991

  • Community UserCommunity User Member ✭✭
    edited July 2016
    You deduct foreign taxes on Sch.A, misc. deductions not subject to 2% limit.  I created a category "InvExp" (investment expenses) with subcategories "ForTax" (foreign taxes paid), "Custodial" (broker's quarterly fees on my managed account), and other investment expenses deductible under Sch.A.  In the Q category setup window you associate each such category with the proper Sch.A line.
  • Community UserCommunity User Member ✭✭
    edited July 2016
    By filling out Form 1116 you get a tax Credit and this is more valuable than a tax deduction. I am not sure Quicken has the ability to upload foreign taxes to Turbotax.
  • Community UserCommunity User Member ✭✭
    edited July 2016
    I don't know if Q uploads foreign tax data properly to TTax, but I do know that TTax's "interview" asks about foreign taxes and correctly fills out Form 1116.  IMO one should NEVER just upload tax data and assume it's all OK.  Given that doing income taxes is only a once-a-year PITA, I prefer to print my tax data from Q and then enter almost everything into TTax manually while following the interview process.  (The one big exception is investment transactions, which I download directly into TTax from my brokerage website.)  By entering the data manually I can ensure that all data appear on the proper schedules/lines and that all 1099 data agrees exactly with the data supplied directly to the IRS.  (That's the main reason for relying on investment data from the brokerage rather than from Q.)  The IRS electonically matches 1099s it receives from payers against submitted individual returns and flags returns with discrepancies, so making sure that everything matches exactly provides some insurance against the possibility of an audit.
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