I am working on my taxes using FreeTaxUSA and have run into a question on the Foreign Tax Credit. I own VTIAX in my taxable brokerage account and received $18,833.14 in dividends and have -$1,198.29 in foreign taxes paid.
I am trying to calculate the Foreign Source Income for the following question.
You have a total of $1,198 in foreign taxes withheld. The amount of foreign income is usually shown on your 1099-INT, 1099-DIV, S corporation Schedule K-3, partnership Schedule K-3, estate Schedule K-1, or 1099-MISC.
This is what Vanguard included on my 1099.
VNGRD TTL INTL STK ADML / VTIAX
FOREIGN SOURCE INCOME PERCENTAGES
Fgn Source Inc Tot 90.77% Fgn Source Inc Qual 58.85% Fgn Source Inc Adj 0.00%
I looked back at previous years and the Fgn Source Inc Total in 2022 was 100%. Do I just multiply 18,833.14 by the 90.77% and get 18,833.14*.9077 = $17,094.84 for the Foreign Income amount?
I am trying to calculate the Foreign Source Income for the following question.
You have a total of $1,198 in foreign taxes withheld. The amount of foreign income is usually shown on your 1099-INT, 1099-DIV, S corporation Schedule K-3, partnership Schedule K-3, estate Schedule K-1, or 1099-MISC.
This is what Vanguard included on my 1099.
VNGRD TTL INTL STK ADML / VTIAX
FOREIGN SOURCE INCOME PERCENTAGES
Fgn Source Inc Tot 90.77% Fgn Source Inc Qual 58.85% Fgn Source Inc Adj 0.00%
I looked back at previous years and the Fgn Source Inc Total in 2022 was 100%. Do I just multiply 18,833.14 by the 90.77% and get 18,833.14*.9077 = $17,094.84 for the Foreign Income amount?
Statistics: Posted by felizcortez — Fri Jan 26, 2024 7:56 pm — Replies 1 — Views 151