Foreign Contry or U.S. Possession

Taxlover · Joined: 17 Dec 2007 Posts: 14

Fidelity just enters "Various" on the 1099-INT and 1099-DIV.

Is it okay to just put "various" on the tax return? Seems to me they
wouldn't bother to ask if that was an adequate answer; but what do I know...

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Archived from group: misc>taxes>moderated

ed · Joined: 25 Aug 2007 Posts: 95

On Feb 13, 6:57 pm, "Taxlover" wrote:
> Fidelity just enters "Various" on the 1099-INT and 1099-DIV.
>
> Is it okay to just put "various" on the tax return? Seems to me they
> wouldn't bother to ask if that was an adequate answer; but what do I know...
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form 1116 i daunting enough. Just put "varios" for the many countires
usually invollved. If you know the country , put it in, otherwise
various.

ed

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removeps-groups · Joined: 09 Dec 2007 Posts: 98

On Feb 13, 5:11 pm, ed wrote:

> form 1116 i daunting enough. Just put "varios" for the many countires
> usually invollved. If you know the country , put it in, otherwise
> various.

But if the country is one that supports international terrorism you
cannot take a credit for it (but you can take a deduction according to
publication 514).

If you meet the requirements (roughly that your foreign tax is less
than 300 or 600 depending on single or married, only taxable foreign
income reported on 1099-INT or 1099-DIV, etc) then you don't have to
bother with form 1116.

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