How to File Form 1116 with Adjustments for Foreign Qualified Dividend Income

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  • Опубликовано: 23 дек 2024

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  • @edgecondition
    @edgecondition 8 месяцев назад

    This was extremely helpful when I was doing my 2023 taxes; thanks!

  • @Hotpepper2005
    @Hotpepper2005 11 месяцев назад +2

    Thank you !! I’ve been looking for this explanation!! You’re awesome!!

    • @JasonDKnott
      @JasonDKnott  11 месяцев назад +2

      Glad it was helpful!

  • @ultrasuede7757
    @ultrasuede7757 10 месяцев назад +1

    Thank you, Jason! I've been reading numerous messages on the Bogleheads website about this adjustment, but only got more confused. Your video was straight-forward and very informative.
    My one question is -- you show the total (U.S. and foreign) non-qualified dividends of $16,170, but after calculating the foreign source amount of each income type (ordinary, qualified, non-qualified), the non-qualified FOREIGN source income is $24,542, which technically means that the U.S. portion of the non-qualified income is negative $8,372 ($24,542 less $16,170), which of course is not technically true.
    Is it OK to have this strange/weird issue when doing this calculation?
    Thanks again.

  • @claire1388
    @claire1388 Год назад +1

    perfect perfect perfect !!!!!! thank you so much for your explanation.

  • @quesder
    @quesder 8 месяцев назад

    How do you decide your qualified dividend rate is 15%? Not 0% or 12%?

  • @tomaszn9975
    @tomaszn9975 Год назад

    Thank you for the great video. One follow up: If all the foreign sourced dividends are qualified and are taxed at the 0% rate, is the taxpayer still able to use the foreign tax credit to offset other taxes? Thank you!

  • @prohogan
    @prohogan 9 месяцев назад

    Thank you so much for this video, it helped me a lot with my Form 1116. But I am wondering, why in the calculation for line 1a is the Foreign Source Amount of Non Qualified Dividends higher than the Total (US and Foreign) Amount of Non Qualified Dividends? Shouldn't the Foreign Source Amount be less because you are taking the US portion out? Or is there something about the way the Foreign Source Income Qualified Percentage is figured that explains the discrepancy?

  • @Team8LA
    @Team8LA 2 месяца назад

    what if the dividend income already taxed and paid to foreign country? Thansk!

  • @deebeecooper8619
    @deebeecooper8619 Год назад

    Can you cover the income from a Foreign Trust ? Thx🍻👏👏👏

  • @tomami20x
    @tomami20x 9 месяцев назад

    I think you made a mistake on F1116, Line 3d. The instructions state for Lines 3e and 3e that you must "include those amounts WITHOUT REGARD TO ANY ADJUSTMENTS". You did this for John in line 3e (Gross Income for all sources, $300589). However, you use the adjusted amounts for gross foreign income of $46328 instead of the unadjusted amount of $78282, for line 3d. Thus, line 3g and Line 6 (F1116) are understated, with the actual number being around $3373.

    • @rbhusana
      @rbhusana 9 месяцев назад

      I was just thinking that he did have 3d incorrect. And then I saw your comment. Hopefully he will answer as the IRS does say without regard to any adjustments