Foreign Taxes Paid
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Foreign Taxes Paid We paid foreign taxes on two of our mutual funds. I've asked the broker what country they were paid to and was told that the IRS doesn't need to know the country anymore, but I can't get past that question in the tax interview to get our taxes done. Can anyone help me with this? We're only talking a little over $10 in foreign taxes, we're a very small club. I don't want to go back and take the foreign taxes out of our accounting, I prefer to have that be very clean, but if I can't get past that one question, I may have to. Thanks, Mercer Enter RIC for the country. RIC stands for Registered Investment Company. Or you could enter "various".
Ira Smilovitz Join me at InvestEd 2011 In a message dated 02/25/11 16:22:58 Eastern Standard Time, mercer@bivio.com writes:
use the word 'various." That will work just fine, ----- Original Message ----- From: "Mercer Bonney" <mercer@bivio.com> To: <club_cafe@bivio.com> Cc: <mercer@smwhisky.com> Sent: Friday, February 25, 2011 4:22 PM Subject: club_cafe: Foreign Taxes Paid > We paid foreign taxes on two of our mutual funds. I've asked > the broker what country they were paid to and was told that > the IRS doesn't need to know the country anymore, but I > can't get past that question in the tax interview to get our > taxes done. Can anyone help me with this? We're only talking > a little over $10 in foreign taxes, we're a very small club. > I don't want to go back and take the foreign taxes out of > our accounting, I prefer to have that be very clean, but if > I can't get past that one question, I may have to. > Thanks, Mercer > Edward Alex wrote: > use the word 'various." That will work just fine, > ----- Original Message ----- > From: "Mercer Bonney" <mercer@bivio.com> > To: <club_cafe@bivio.com> > Cc: <mercer@smwhisky.com> > Sent: Friday, February 25, 2011 4:22 PM > Subject: club_cafe: Foreign Taxes Paid > > > > We paid foreign taxes on two of our mutual funds. I've asked > > the broker what country they were paid to and was told that > > the IRS doesn't need to know the country anymore, but I > > can't get past that question in the tax interview to get our > > taxes done. Can anyone help me with this? We're only talking > > a little over $10 in foreign taxes, we're a very small club. > > I don't want to go back and take the foreign taxes out of > > our accounting, I prefer to have that be very clean, but if > > I can't get past that one question, I may have to. > > Thanks, Mercer > > Mercer, I had the same question of my broker and he stated that this situation occurred last year and they were unable to define the country of origin for the foreign dividend. He also stated that the IRS looks at all the countries alike and it would be taxable. My advised is to guess a country and amend the return later if it results in any differences in the numbers (which I doubt it would) Harvey I had the same question of my broker and he stated that this This is making things a little more complicated than they need to be. "Various" is an acceptable choice in these situations. It is one of the options on the dropdown menu where you select countries. Sometimes people just don't realize it is there. -- Laurie Frederiksen Invest with your friends! www.bivio.com Become our Facebook friend! www.facebook.com/bivio Follow us on twitter! www.twitter.com/bivio Note: Lauria - Many clubs own TEVA PHARMACEUTICALS-TEVA This stock is a foreign stock from the country of ISRAEL. BIVIO picked this up and entered it on 1065 form line 16a & also on line16a K1 form. For your information I-CLUB STOCK CENTRAL's SOFTWARE DID NOT. I'M VERY GLAD WE HAVE SWITCHED TO BIVIO. THANK'S FOR HELP: BAW BEESE INV.CLUB DON SCOVILLE T.A. On Sat, Feb 26, 2011 at 1:31 PM, Laurie Frederiksen <laurie@bivio.biz> wrote:
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