I received a 1099-DIV for US mutual funds. It has three fields filled: "1a Total Ordinary Dividends", "1b Qualified Dividends" (which is the same value as 1a), and "2a Total Capital Gain Distributions". Under Income>T-slips>Foreign Slips, Turbotax has a field labelled "Foreign capital gains or losses", which I assume is where I put the capital gain distributions from field 2a. Where do I put my foreign dividends?
You are correctly reporting your foreign capital gains/losses.
"Where do I put my foreign dividends?" This is reported on line 121 of your tax return.
Line 121- CRA interest amounts, and some foreign interest income.
To review and confirm the source amounts for interest and other investment income not on a T-slip:
So if I understand correctly, in order to add my data for "Dividends" to Line 121 of my tax return, it needs to be reported under Income>Investments>Interest on Bank Accounts Not Reported on a T-Slip, in the field "Income from foreign sources" converted to the Canadian currency. Is this correct?
Hi I have a couple of tax forms 1. 1099 DIV form where I have 1a) Total Ordinary Dividends , 1 b) Qualified dividends, 7 Foreign tax paid, 2a Total Capital Gain Distribution=0.00. My amounts on 1a) and 1b) are not the same, so which one should I report on the Turbo tax in the place of income from foreign sources (Interest on Bank account not reported on T slip).
2nd tax form is a consolidated 1099 statement (includes 1099 INT, 1099 DIV, 1099-B) which has Box 1-Interest income, 1a- Total ordinary dividends, 1b- Qualified Dividends (1a and 1b not equal), 2a Total Capital Gain Distributions, 7 Foreign tax paid, 11- Exempt Interest Dividends, 12- Specified Private Activity Bond Interest Dividends.
3rd form is just reporting my interest income on US dollar deposits and no tax was withheld on it. Where do I enter all this foreign income on the Turbo Tax Canada fields. Thank you and your help is appreciated.
@aarthim123 I'm afraid I do not know the answer, as sections 1a and 1b have always appeared the same for me.
@TurboTaxLise can you advise?
Thank you and look forward to the reply from @TurboTaxLise
Hi I have a couple of tax forms 1. 1099 DIV form where I have 1a) Total Ordinary Dividends , 1 b) Qualified dividends, 7 Foreign tax paid, 2a Total Capital Gain Distribution=0.00. My amounts on 1a) and 1b) are not the same, so which one should I report on the Turbo tax in the place of income from foreign sources (Interest on Bank account not reported on T slip).
2nd tax form is a consolidated 1099 statement (includes 1099 INT, 1099 DIV, 1099-B) which has Box 1-Interest income, 1a- Total ordinary dividends, 1b- Qualified Dividends (1a and 1b not equal), 2a Total Capital Gain Distributions, 7 Foreign tax paid, 11- Exempt Interest Dividends, 12- Specified Private Activity Bond Interest Dividends.
3rd form is just reporting my interest income on US dollar deposits and no tax was withheld on it. Where do I enter all this foreign income on the Turbo Tax Canada fields. Thank you and your help is appreciated.