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katieblank
New Member

Where do I enter the information from 1099-DIV for US mutual funds? (dividends and capital gains)

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?

8 Replies
TurboTaxLise
Moderator

Where do I enter the information from 1099-DIV for US mutual funds? (dividends and capital gains)

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: 

  • In the upper-right corner of your screen, select Find.
  • In the Find window, type Interest on Bank Accounts.
  • Select Interest on Bank Accounts from the list, and select Go.
For more information from the CRA: Line 121 - Foreign interest and dividendshttps://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-re...
katieblank
New Member

Where do I enter the information from 1099-DIV for US mutual funds? (dividends and capital gains)

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?
TurboTaxLise
Moderator

Where do I enter the information from 1099-DIV for US mutual funds? (dividends and capital gains)

Correct!
aarthim123
Level 2

Where do I enter the information from 1099-DIV for US mutual funds? (dividends and capital gains)

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. 

katieblank
New Member

Where do I enter the information from 1099-DIV for US mutual funds? (dividends and capital gains)

@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?

aarthim123
Level 2

Where do I enter the information from 1099-DIV for US mutual funds? (dividends and capital gains)

Thank you and look forward to the reply from @TurboTaxLise

aarthim123
Level 2

Where do I enter the information from 1099-DIV for US mutual funds? (dividends and capital gains)

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. 

lisalisa5
New Member

Where do I enter the information from 1099-DIV for US mutual funds? (dividends and capital gains)

Can you outline the process for conversion to Canadian currency?

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