So I had a quick question about US tax reporting. I just got my 1099 from my stateside broker which shows my ETF quarterly dividends. I was wondering if and where I need to report this on my US taxes, which I've already filed online (btw). All the dividends were reinvested in my account (nothing was sold).
Any insights or information would be appreciated.
Question for US citizens
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captainspoke
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Re: Question for US citizens
With several of the tax software packages, you can log in with your broker via the tax software--which then flows into your return-in-progress in 15-20 seconds. All nicely done and in the right fields, and so on. This is a huge time savings, and avoids input mistakes/fat fingers.
If you already filed, I'd guess that you'll have to file an amended return.
And gee, is this your first time? Of course this has to be included--you should not have filed till the 1099 was available, either electronically as above, by downloading it, or via regular mail.
edit: and note that you need to include dividends/interest on your tax filing here, too.
If you already filed, I'd guess that you'll have to file an amended return.
And gee, is this your first time? Of course this has to be included--you should not have filed till the 1099 was available, either electronically as above, by downloading it, or via regular mail.
edit: and note that you need to include dividends/interest on your tax filing here, too.
Re: Question for US citizens
Well, yes. I guess in the back of my mind I knew it was necessary to include it. Probably thinking that by using the Foreign Income Exclusion (for so many years now) I never end up having to pay US taxes anyway so it wasn't really a big issue. 
And just where would I annotate dividends/interest on my Japanese taxes?
edit: I also have already filed my Japanese taxes.
And just where would I annotate dividends/interest on my Japanese taxes?
edit: I also have already filed my Japanese taxes.
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captainspoke
- Sage
- Posts: 1419
- Joined: Tue Aug 15, 2017 9:44 am
Re: Question for US citizens
viewtopic.php?t=2795&sid=dd598b50af7641 ... 67763f712e
Read my first post there (not sure if the link will snap to it or not, it's down about 3-4 screenfuls).
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For the US, you likely don't owe taxes on the dividends, but you do know that the IRS/treasury can see that same 1099 info, don't you?
Perhaps not soon, and maybe not the first year of filing that you ignore this, but they will notice, and it's not their job to look at your situation and think, "oh, he's overseas and using the FEIE, and wouldn't owe taxes anyway." No, it'll be a computer, an algorithm, that notices the discrepancy. The system will then start taking/witholding 20% of any dividend (and the proceeds of any sale, if you happen to do that)--since by not declaring it you are effectively not filing properly. Which should be a reasonably good motivator to get your act together.
Read my first post there (not sure if the link will snap to it or not, it's down about 3-4 screenfuls).
*
For the US, you likely don't owe taxes on the dividends, but you do know that the IRS/treasury can see that same 1099 info, don't you?
Perhaps not soon, and maybe not the first year of filing that you ignore this, but they will notice, and it's not their job to look at your situation and think, "oh, he's overseas and using the FEIE, and wouldn't owe taxes anyway." No, it'll be a computer, an algorithm, that notices the discrepancy. The system will then start taking/witholding 20% of any dividend (and the proceeds of any sale, if you happen to do that)--since by not declaring it you are effectively not filing properly. Which should be a reasonably good motivator to get your act together.
Re: Question for US citizens
Roger that.
Thank you.
Thank you.