Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit ssga. Performance of an index is not illustrative of any particular investment. It is not possible to invest directly in an index. It is gross of any fee waivers or expense reimbursements.
Brokerage commissions and ETF expenses will reduce returns. Commodities and commodity-index linked securities may be affected by changes in overall market movements, changes in interest rates, and other factors such as weather, disease, embargoes, or political and regulatory developments, as well as trading activity of speculators and arbitrageurs in the underlying commodities.
Frequent trading of ETFs could significantly increase commissions and other costs such that they may offset any savings from low fees or costs.
Diversification does not ensure a profit or guarantee against loss. Investing in commodities entails significant risk and is not appropriate for all investors. Personal Finance. Your Practice. Popular Courses. Markets International Markets.
QDII A qualified domestic institutional investor or QDII is an institutional investor that has met certain qualifications to invest in securities outside of their home country.
Key Takeaways A qualified domestic institutional investor QDII is an institutional investor that meets qualifications to invest in securities in foreign markets. QDII programs started in China in and allow five types of Chinese entities to invest abroad: insurance companies, banks, trust companies, funds, and securities firms.
Entities that want to participate in the QDII program must first receive approval from China's State Administration of Foreign Exchange SAFE , which is also responsible for establishing the investment quota amount allowed each participant. Once approved, entities are allowed to make investments in the overseas markets for both themselves or on behalf of retail clients. Firms can make investments in equities, fixed income, and derivatives in specified overseas markets.
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Dividends from a DISC domestic international sales corporation or former DISC to the extent they are treated as foreign source income, and certain distributions from a former FSC foreign sales corporation are specified passive category income.
General category income is income that isn't section A category income, foreign branch category income, passive category income, or income described in categories e, f, and g, discussed later. General category income may include the following. Gains from the sale of inventory or depreciable property used in a trade or business.
No credit is allowed for foreign taxes imposed by and paid or accrued to certain sanctioned countries. However, income derived from each sanctioned country is subject to a separate foreign tax credit limitation. Therefore, you must use a separate Form for income derived from each sanctioned country.
A foreign tax credit may be claimed for foreign taxes paid or accrued with respect to section j income if such tax is paid or accrued to a country other than a sanctioned country. For example, if a U. Any taxes imposed on that income by the sanctioned country would not be eligible for a foreign tax credit. If no taxes are paid or accrued to sanctioned countries, you would generally complete Form for this category only through line Sanctioned countries are those designated by the Secretary of State as countries that repeatedly provide support for acts of international terrorism, countries with which the United States doesn't have or doesn't conduct diplomatic relations, or countries whose governments aren't recognized by the United States and aren't otherwise eligible to purchase defense articles or services under the Arms Export Control Act.
If you paid taxes to a country that ceased to be a sanctioned country during the tax year, see Pub. The President of the United States has the authority to waive the denial of the credit with respect to a sanctioned country if:. The waiver is in the national interest of the United States and will expand trade and investment opportunities for U. The President reports to the Congress, not less than 30 days before the waiver is granted, the intention to grant the waiver and the reason for the waiver.
However, a separate Form must be completed with respect to section inclusions attributable to each sanctioned country. If a sourcing rule in an applicable income tax treaty treats U.
You must compute a separate foreign tax credit limitation for any income for which you claim benefits under a treaty, using a separate Form for each amount of re-sourced income from a treaty country. This rule does not apply to income that is re-sourced by reason of the relief from double taxation rules in any U. See sections h , d 6 , and h 10 and the regulations under those sections including 1.
Add the amounts from line 24 of each separate Form and enter the total on line 30 of your summary Form that is, the Form for which you are completing Part IV. You can take a foreign tax credit for taxes you paid or accrued on a foreign source lump-sum distribution from a pension plan. Special formulas may be used to figure a separate tax on a qualified lump-sum distribution for the year in which the distribution is received.
If you are able to elect, and do elect, to figure your U. Use a separate Form On this separate Form , check box g above Part I. Skip Part I. Complete Part II showing only foreign taxes that are attributable to the lump-sum distribution.
For example, Subpart F inclusions, dividends, interest, rents, and royalties from a CFC are only treated as passive category income to the extent they are attributable to passive category income of the CFC. If you received a Schedule K-1 from a partnership or S corporation that includes foreign tax information, use the rules below to report that information on Form This rule takes precedence over the income category rules outlined in the instructions that follow for line 16, codes C and D—H, of Schedule K-1 Form or line 14, codes C and D—H, of Schedule K-1 Form S , and the apportionment of deductions rules outlined in the instructions for line 16, later, codes J and K—O or line 14, codes J and K—O of the Schedule K Include amounts reported to you on Schedule K-1 with any other amounts reportable on Form using:.
In each instance that follows, the first line reference is to the Schedule K-1 for Form and the second line reference is to the Schedule K-1 for Form S. Line 16, code B; or line 14, code B—Gross income from all sources. Combine your distributive share of "gross income from all sources" with all of your other gross income and enter the total on line 3e. Line 16, code C; or line 14, code C—Gross income sourced at partner or shareholder level. This line includes income from the sale of eligible personal property most personal property other than inventory, depreciable property, and certain intangible property.
Although all income reported to you on this line of the Schedule K-1 has been apportioned to separate categories of income, you must nevertheless first determine using the rules below whether the income on this line is U. Then, enter only foreign source income in Part I of each of the applicable Forms that is, those Forms for each category of income you received from the partnership or S corporation. Use the following rules to source the income reported to you on this line of the Schedule K If you are a U.
If you are a nonresident as defined later , the income is foreign source income. Generally, your tax home is the general area of your main place of business, employment, or post of duty, regardless of where you maintain your family home. Your tax home is the place where you are permanently or indefinitely engaged to work as an employee or self-employed individual.
If you don't have a regular or main place of business because of the nature of your work, then your tax home is the place where you regularly live. If you don't fit either of these categories, you are considered an itinerant and your tax home is wherever you work. A nonresident is any person who isn't a U. To help you with these rules, the partnership or S corporation has specifically identified the following.
Include foreign source income in Part I of the applicable Form that is, the Form for each category of income provided to you for this line of the Schedule K Don't include in Part I of Form income that you determined using the above rules to be U. If the partnership or S corporation has specifically identified any capital gains or losses or unrecaptured section gain on this line Schedule K-1, line 16, code C, or line 14, code C and you have determined that those gains or losses are foreign source, see Foreign Qualified Dividends and Capital Gains Losses , later, before entering an amount in Part I of Form Income reported on this line has already been sourced for you by the partnership or S corporation.
The partnership or S corporation has reported this income to you by country and by category of income. Include these amounts in Part I of each of the applicable Forms that is, those Forms for each category of income you received.
See the instructions for Line 4b , later, to allocate and apportion the interest expense shown on this line of Schedule K Include interest expense that you allocate to foreign source income on line 4b of the applicable Form Don't enter in Part I of Form any interest expense that you allocate to U.
The interest expense you allocate to foreign source income generally may be apportioned exclusively to passive category income. However, see Temporary Regulations section 1. This line includes expenses other than interest expense of the partnership or S corporation that must be allocated and apportioned at the partner or shareholder level for example, research and experimental expenses.
Combine your distributive share of these expenses with all of your other like expenses, if any, and then allocate and apportion them using the applicable rules for example, for research and experimental expenses, the rules under Regulations section 1.
Include expenses that you allocate to foreign source income on line 2 of the applicable Form Expenses that you allocate to U. Deductions allocated and apportioned at partnership or S corporation level to foreign source income. The partnership or S corporation has already allocated these expenses to foreign source income and has reported them to you by country and by category of income.
Include these amounts on line 2 of each of the applicable Forms that is, those Forms for each category of income you received. The partnership or S corporation has already allocated and apportioned total foreign taxes for you and has reported them to you by country and by category of income. Include these amounts in Part II of each of the applicable Forms that is, those Forms for each category of income you received.
Line 16, code R; or line 14, code R—Reduction in taxes available for credit. The partnership or S corporation has already apportioned the reduction in taxes available for credit and has reported it to you by country and by category of income. Include these amounts on line 12 of each of the applicable Forms that is, those Forms for each category of income you received.
If you have foreign source qualified dividends or foreign source capital gains including any foreign source capital gain distributions or losses, you may be required to make certain adjustments to those amounts before taking them into account on line 1a gross income or line 5 losses.
If you completed the Qualified Dividends and Capital Gain Tax Worksheet in the instructions for your tax return, and aren't required to file Schedule D, see Qualified Dividends and Capital Gain Tax Worksheet Individuals next to determine the adjustments you may be required to make.
If you are required to file Schedule D, see Schedule D Filers , later, to determine the adjustments you may be required to make. You can elect not to make the adjustments to your qualified dividends and capital gains if you qualify for the adjustment exception.
If you completed the Qualified Dividends and Capital Gain Tax Worksheet in your tax return instructions and you don't have to file Schedule D, you may have to adjust the amount of your foreign source qualified dividends and capital gain distributions. You must adjust the amount of your foreign source qualified dividends and capital gain distributions if both of the following apply.
If you qualify for the adjustment exception, you can elect not to adjust your foreign source capital gain distributions and qualified dividends. You make this election by not adjusting these items.
If you make this election, you must elect not to adjust any of your foreign source qualified dividends or capital gain distributions. For this purpose, ignore any capital gain distributions or qualified dividends you elected to include on Form , line 4g.
If you file Form NR, you qualify for the adjustment exception if you meet both of the following requirements. To adjust your foreign source qualified dividends or capital gain distributions, multiply your foreign source qualified dividends or capital gain distributions in each separate category by 0.
Include the results on line 1a of the applicable Form Don't adjust the amount of any foreign source qualified dividends or capital gain distributions that you elected to include on Form , line 4g. If you aren't required to adjust the amount of your foreign source qualified dividends or capital gain distributions, or you qualify for the adjustment exception and elect not to adjust these items, include the amount of your foreign source qualified dividends and capital gain distributions in each separate category without adjustment on line 1a of the applicable Form If you completed the Qualified Dividends Tax Worksheet in the Instructions for Form , you must adjust the amount of your foreign source qualified dividends if:.
If you qualify for the adjustment exception, you can elect not to adjust your foreign source qualified dividends. You make this election by not adjusting these dividends. If you make this election, you must elect not to adjust any of your foreign source qualified dividends. See section b and the regulations issued under that Code section to determine if you qualify for the adjustment exception.
To adjust your foreign source qualified dividends, multiply your foreign source qualified dividends in each separate category by 0. Include the results on line 1a. Don't adjust the amount of any foreign source qualified dividends that you elected to include on Form , line 4g.
If you aren't required to make adjustments to your foreign source qualified dividends or you qualify for the adjustment exception and you elected not to adjust these dividends , include your foreign source qualified dividends on line 1a of the applicable Form without adjustment. Throughout these instructions, references to Schedule D Form are for estates and trusts only. If you are required to file Schedule D Form , you must adjust the amount of your foreign source qualified dividends that you include on line 1a of Form if one of the following applies to you.
You figured your tax using the Qualified Dividends and Capital Gain Tax Worksheet in the Form or SR instructions, line 5 of that worksheet is greater than zero, and line 23 of that worksheet is less than line You figured your tax using the Qualified Dividends and Capital Gain Tax Worksheet in the Form NR instructions, line 5 of that worksheet is greater than zero, and line 23 of that worksheet is less than line You figured your tax using Schedule D Form , line 27 of Schedule D is greater than zero, and line 43 of Schedule D is less than line You make this election by not adjusting these dividends or your foreign capital gains or losses.
Your foreign source net capital gain is the excess of your net long-term capital gain from foreign sources over your net short-term capital loss from foreign sources. Ignore any long-term capital gains you elected to include on Form , line 4g, in determining your foreign source net capital gain. Ignore any qualified dividends you elected to include on Form , line 4g, in determining the amount of your foreign source qualified dividends. If you aren't required to adjust your foreign source qualified dividends or you qualify for the adjustment exception and elect not to adjust these dividends , include on line 1a of Form the full amount of foreign source qualified dividends without adjustment.
Read the instructions below to see if you qualify to use Worksheet A or Worksheet B. Before you complete Worksheet A or Worksheet B, you must reduce each foreign source long-term capital gain by the amount of that gain you elected to include on Form , line 4g.
The gain you elected to include on Form , line 4g, must be entered directly on line 1a of the applicable Form without adjustment. You can use Worksheet A to determine the adjustments you must make to your foreign source capital gains or losses if you have foreign source capital gains or losses in no more than two separate categories and any of the following apply.
You qualify for the adjustment exception discussed earlier under Adjustments to foreign qualified dividends under Schedule D Filers and you didn't make any adjustments to your foreign qualified dividends if any. You figured your tax using the Qualified Dividends and Capital Gain Tax Worksheet in the Form or SR instructions and a line 3 of that worksheet minus the amount on Form , line 4e, that you elected to include on Form , line 4g, is zero or less; b line 5 of that worksheet is zero; or c line 23 of that worksheet is equal to or greater than line You figured your tax using the Qualified Dividends and Capital Gain Tax Worksheet in the Form NR instructions and a line 3 of that worksheet is zero, b line 5 of that worksheet is zero, or c line 23 of that worksheet is equal to or greater than line You figured your tax using Schedule D Form and a line 27 of Schedule D is zero; b line 22 of Schedule D minus the amount on Form , line 4e, that you elected to include on Form , line 4g, is zero or less; or c line 43 is equal to or greater than line You figured your tax using the Schedule D Tax Worksheet in the Schedule D Form instructions and a line 18 is zero, b line 9 is zero or less, or c line 45 is equal to or greater than line You figured your tax using the Schedule D Tax Worksheet in the Schedule D Form instructions and a line 17a is zero, b line 9 is zero or less, or c line 42 is equal to or greater than line Complete Worksheet A only once, even if you have capital gains or losses in two separate categories.
Keep the completed Worksheet A for your records. Don't file Worksheet A with your tax return. If you don't qualify to use Worksheet A, use Worksheet B to determine the adjustments you must make to your foreign source capital gains or losses if:. You have foreign source capital gains or losses in no more than two separate categories,. Complete Worksheet B only once, even if you have capital gains or losses in two separate categories.
Keep the completed Worksheet B for your records. Don't file Worksheet B with your tax return. If both separate categories have a positive amount on line 1, skip line 5 and go to line 6. If only one separate category has a positive amount on line 1, subtract line 4 from that positive amount.
Enter the result here and include the result on line 1a of the Form you are filing for that separate category. Skip lines 6—8 of this worksheet. Combine your foreign source short-term capital gains and losses and enter the result in column 1 or 3.
Combine your foreign source long-term capital gains and losses and enter the result in column 2 or 4. If you entered an amount in either column 2 or 4 but not both of line 3, subtract line 6 from the amount entered in either column 2 or 4 of line 3. Enter the result in column 2 or 4 on line 7 and skip lines 8 through If you entered amounts in both columns 2 and 4 on line 3, combine those amounts and enter the result in column 5 on line 7.
Short-term gain shown in column 1 or 3 of line 3, enter the amount of that short-term gain on line 15, column 1 or 3. Long-term gain shown in column 2 or 4 of line 3, and line 6 is blank, multiply the amount of each gain by 0. Short-term loss in any column of line 1, complete the Line 15 Worksheet for each column with a loss. Long-term loss in column 2 or 4 of line 1, multiply the amount of the loss by 0. If only one separate category has a positive amount on line 2, enter the amount from line 5 on line 6 in the column for the separate category with the positive amount on line 2.
If both separate categories have positive amounts on line 2, divide each amount on line 2 by line 3. Multiply each result by line 5. Enter the results on line 6 in the appropriate columns. If you entered an amount on line 6 and you entered positive amounts in both the short-term and long-term columns on line 1, divide each positive amount on line 1 by line 2 and enter the results in the appropriate columns.
Leave blank if you didn't enter an amount on line 6 or only one column on line 1 has a positive amount. If you entered amounts on line 7, multiply each amount on by line 6. Enter the results in the appropriate columns on line 8 of this worksheet and on line 2 of Worksheet B. If line 7 is blank, enter the amount from line 6 in the same column on line 8 as the column that has a gain on line 1.
Also, enter the amount on line 2 of Worksheet B in the appropriate column. If line 6 is blank, don't enter any amount on line 8 of this worksheet or line 2 of Worksheet B. Part I must be completed by all filers unless specifically indicated otherwise in these instructions. Generally, if you received income from, or paid taxes to, more than one foreign country or U. If you paid taxes to more than three countries or possessions, attach additional sheets following the format of Parts I and II.
If you have passive income that is high-taxed income, use a separate column in Part I. Enter "HTKO" on line i of Forms for passive category income and the other category of income to which such passive category income is reclassified. If you had a foreign tax credit splitting event in a previous year and you are taking the related income into account in , enter " income" on line i for that income instead of the country or possession name.
You don't need to report income passed through from a mutual fund or other regulated investment company RIC on a country-by-country basis. Total all income, in the applicable category, passed through from the mutual fund or other RIC and enter the total in a single column in Part I. Enter "RIC" on line i. Total all foreign taxes passed through and enter the total on a single line in Part II for the applicable category.
For inclusions under section , in the applicable category, enter the total in a single column in Part l. Enter "" on line i. For inclusions under section A, enter the total inclusion in a single column in Part l.
Enter "A" on line i. Include income in the category checked above Part I that is taxable by the United States and is from sources within the country entered on line i. You must include income even if it isn't taxable by that foreign country. Identify the type of income on the dotted line next to line 1a.
Don't include any earned income excluded on Form , Foreign Earned Income. If you received dividends passive category income and wages general category income from foreign sources, you must complete two Forms On one Form , check box c passive category income , enter the dividends on line 1a, and write "Dividends" on the dotted line.
On the other Form , check box d general category income , enter on line 1a wages not excluded on Form , and write "Wages" on the dotted line. Then, complete Part IV on the Form with the larger amount entered on line If you are filing a Form that includes foreign source qualified dividends or foreign source capital gains or losses, see Foreign Qualified Dividends and Capital Gains Losses , earlier.
The deduction under section c and the deduction under section are included in Part I, line 2. On your Form for passive category income, passive income that is treated as another category of income because it is high taxed should be included on line 1a in the column for the country entered on line i. Also, enter the high-taxed income in the "HTKO" column on line 1a as a negative number. On your Form for the other category of income, the high-taxed income should be entered as a positive number on line 1a in the "HTKO" column.
You used an alternative basis discussed in Pub. In addition, attach to Form a statement that contains the following information. The specific compensation income or the specific fringe benefit for which the alternative basis is used. A comparison of the dollar amount of the compensation sourced within and without the United States under both the alternative basis and the time or geographical basis for determining the source.
You must keep documentation showing why the alternative basis more properly determines the source of the compensation. A ratable share of your other deductions that don't definitely relate to that foreign income, any other foreign income, or U.
Don't enter any amounts on lines 2 through 5 for your HTKO column. Add all deductions that are definitely related or apportioned to passive income that is treated as another category of income because it is high taxed and enter the total amount of those deductions on line 6 in the HTKO column.
Enter the amount as a negative number on your Form for passive category income. Enter the amount as a positive number on your Form for the other category of income. Don't include deductions and losses related to exempt or excluded income such as foreign earned income you have excluded on Form on lines 2 through 5.
Special rules apply to the allocation of research and experimental expenditures. If the law of a U. Enter your deductions that definitely relate to the gross income from foreign sources shown on line 1a.
For example, if you are an employee reporting foreign earned income on line 1a, include on line 2 expenses such as those incurred to move to a new principal place of work outside the United States or supplies you bought for your job outside the United States.
Don't include any interest expense on line 2. See lines 4a and 4b for special rules for interest expense. If you are reporting an income inclusion under section a , include on line 2 the deduction allowed under section c. If you are reporting an income inclusion under section A, include on line 2 the deduction allowed under section Some deductions don't definitely relate to either your foreign source income or your U. Enter on lines 3a and 3b any deductions other than interest expense that:.
Enter the following itemized deductions from Schedule A Form on line 3a. If you don't itemize deductions, enter your standard deduction on line 3a.
Enter on line 3b any other deductions that don't definitely relate to any specific type of income for example, the deduction for alimony paid from Schedule 1 Form , line 18a. For lines 3d and 3e, gross income means the total of your gross receipts reduced by cost of goods sold , total capital and ordinary gains before subtracting any losses , and all other income before subtracting any deductions.
Enter your gross foreign source income from the category you checked above Part I of this Form Include any foreign earned income you have excluded on Form but don't include any other exempt income. If you had income from more than one country, you must enter income from only one country in each column.
If you had to adjust your foreign qualified dividends or capital gains discussed earlier , include those amounts without regard to any adjustments. Enter on line 3e in each column your gross income from all sources and all categories, both U.
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