Is there any difference between these two RIC options in Turbotax when specifying foreign dividend sources?

Asked by: Owen Jazzy

How do I report foreign dividends on TurboTax?

How should I fill the foreign dividend in turbotax?

  1. Open up your TurboTax account and select Pick up where you left off.
  2. At the right upper corner, in the search box, type in “foreign tax credit” and Enter.
  3. Select Jump to foreign tax credit.
  4. Follow prompts.
  5. Choose the Income Type, select “Passive Income”
  6. Follow prompts.

Mar 12, 2020

How do you report foreign dividend income?

To report foreign dividend or interest income, enter the information as though you had received a Form 1099-DIV or INT, but leave off the Payer’s Federal Identification Number. This number is not required and the return will still electronically file without the number.

Which TurboTax do I need for foreign income?

The first form TurboTax has available is Form 2555, also known as Foreign Earned Income Exclusion (FEIE), which allows you to exclude a certain amount of foreign earned income from any US tax. For this tax year (2021) you can exclude up to $108,700.

How do I enter foreign income on TurboTax?

To enter foreign earned income in TurboTax, please follow these steps:

  1. Click on Federal Taxes > Wages & Income [If you’re in TT Home & Biz: Personal > Personal Income > I’ll choose what I work on]
  2. In the Less Common Income section, click on the Start/Update box next to Foreign Earned Income and Exclusion.

What is Ric in TurboTax?

If your individual stocks are held by a broker that is an RIC (Registered Investment Company), you can just select RIC for all of the foreign income and tax. If you have separate 1099-DIV forms for the individual stocks, you can select the country of origin for each 1099-DIV.

Does TurboTax handle foreign tax credit?

When you use TurboTax to prepare your taxes, we’ll ask you straightforward questions about your foreign income, determine how much of it is deductible (or available as a credit), and fill in all the right forms for you.

What does Ric mean for foreign tax paid?

regulated investment company

If you are a shareholder of a mutual fund, or other regulated investment company (RIC), you may be able to claim the credit based on your share of foreign income taxes paid by the fund if it chooses to pass the credit on to its shareholders.

Do I need to report foreign dividends?

Yes – If you are a US citizen and you meet the income threshold to file a US income tax return, you will need to report all income from all sources (including foreign dividends and interest (in USD)) on your US income tax return.