I've got a 1099-Combined from RBC Capital for a client. I understand how to do most of it, but I am unclear about Form 1116, foreign tax and what to put where. Here is the info:
Page 1: 1099-DIV Box 7 - Foreign Income Tax Paid $986
Box 8 - (see detail)
Section - Foreign Income and Withholding Summary
Qualified Dividend - $567
Foreign Tax - $119
Section - Foreign Source Income Summary
Foreign Source Income Amt - $5886
Foreign Qualified Dividend Amt - $3905
Question 1 - Does the Foreign Tax Paid in Box 7 include the $119 listed in the Foreign Income and WH summary?
Question 2 - Do I combine the Foreign Qualified Dividend of $567 with Foreign Qualified Dividend of $3905 for a total Foreign Qualified Dividend of $4472?
Question 3 - Do I enter $5886 from Foreign Source Income Amount in the Total Ordinary Dividends box in the Form 1116 section?
What is the "1099 Taxes" checkbox for?
Any help appreciated!
I figured out Question 1. I didn't see a section where they totaled up all foreign taxes. Kinda easy to miss in 42 pages!
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