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Unable to calculate percentage of foreign income from holding on 1099

Trucker_40

I have had no luck chasing down details for a specific holding.

I have received from my brokerage a 1099 that details my dividends received, and the total foreign tax withheld. One holding, VTIAX, is spelled out very plainly - 90.77%. I've taken that and multiplied it up against my total dividends for VTIAX to get THAT holdings specific foreign distribution amount.

My other holding, ticker GGB (Gerdau Steel) has no such percentage listed for me to make my calculations; nothing on my 1099 gives me any usable information. I have the amount of foreign tax withheld and the total amount of dividends, but no way to figure out what portion of those dividends are foreign. I have called my brokerage and went to the GGB investor relation page and tried to contact them for information that would lead me to figure this out, but I've had zero luck from either source and starting to get worried I'll not be able to properly account for this holding.

I don't know what options I have here - this is the only thing holding me up from finishing my tax return, and I really don't want to throw my hands up and pay several hundred dollars to someone to do my returns when this is the final piece of the puzzle.

Got any ideas? I would hate to get double taxed, but I also don't want to get audited for guessing wrong...

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Comments

MatthewD

Hello Trucker_40,

When you are a resident of the USA, you report 100% of your worldwide income, so you should report 100% of your dividend income, regardless of source, on your Form 1040. Even though you will be double taxed on the foreign dividend income, you qualify for a Foreign Tax Credit. Our system will help you calculate the Foreign Tax Credit and reduce your taxes due on the Form 1040.

There is no need to try and figure out what portion is foreign income.

Laks

https://community.freetaxusa.com/discussion/comment/1454#Comment_1454

But the foreign tax is never reported on any particular form like Form 1099-K. And the FreeTaxUsa software clearly says "if the foreign tax is not reported on these forms, the software cannot support filing your taxes". Is my understanding incorrect ?

MatthewD

https://community.freetaxusa.com/discussion/comment/3843#Comment_3843

Hi,

Yes, that is correct. You need at least the foreign tax withheld reported on your 1099 for our software. Trucker_40 said they had a 1099 with the total foreign tax withheld.