What are the primary tax implications of owning a mutual fund that invests in foreign securities?

Dividends and interest earned on foreign securities may be subject to a withholding tax by the country from which they were paid. If you own a mutual fund that earned dividends or interest on foreign securities, the mutual fund may have paid foreign taxes in respect to those securities. As a shareholder of that mutual fund, you may be able to claim a credit or a deduction on your federal tax return for a portion of those foreign taxes.

Form 1099–DIV reports the gross amount of the dividend (column 1a), including the foreign tax amount, and the amount of foreign tax (if any) that you may be able to claim as a deduction or credit (column 6). You must report the gross amount of the dividend on your tax return even if you are also able to deduct or receive credit for foreign taxes. For additional 2008 foreign tax credit passthrough information, in late January you will be able to see the Important Information for Individuals about Foreign Tax Paid letter on the Fidelity Fund–Specific Tax ... more.

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