Foreign Tax - Additional Information - how to input multiple countries?

[Mel7777]

Several folks have 1099-B with foreign taxes paid and there is a list of countries to whom the foreign tax has been paid.  How do you add multiple countries for one 1099-DIV amount?  Additionally, the 1099s do not always state whether paid or accrued and do not have the date that its paid or accrued - these are all field within Proseries.  Any suggestions on how to find this information if it is critical?

[sjrcpa]

1099s are cash basis so the tax is paid, not accrued. Use various for date paid, if allowed, or 12/31/25.

Personally I don't enter all the different countries unless we're talking >200 or so per country. CAGMC.

Does the software give Various as a choice? Or RIC if that's what you have? (I don't use ProSeries.)

[Mel7777]

Thank you - that is precisely what I wanted to know... I wondered how accurate we needed to be when it comes to allocating to a country.  This return has small amounts paid to multiple countries - still haven't figured out how to show amounts by country but I'll save that for another day.  Yes, RIC is a choice.  

Thank you for the perspective!

[Just-Lisa-Now-]

I just use Various  as the country and lump them all together.

[dascpa]

Various is correct. Where you have to be careful is the "columns". If you put Denmark in 1116 Column 1 and then the next investment is Various, you cannot combine them into Column 1. Each country (if you do it that way) has to go into it's own column, and you may need to create multiple 1116's. So for most investment houses Various works well and all can be combined into 1 column.

But, if they have for example foreign signature accounts in India and you report 8938 or FBAR those should be in the India column and not changed to Various.

[BobKamman]

And you don't need the 1116 if they are under the $300 / $600 allowances.  I've had returns where the amount is $800 but that reduces the credit below $600 so I just use that limit instead.