taxes - Dividends for partial director of ltd company

Hi - I'm doing my (last minute) taxes and am not sure how to treat my dividends. I own 10% of a UK ltd company and earn a small amount of dividends. This is the first year I'm in that situation.

Any idea if this counts as ordinary or qualified dividends, and how to fill in form 1040 accordingly?

I normally take my total wages from line 7, and subtract the full amount in line 21. Can I include the dividends in the total to subtract there as well?

(if it helps I'm a US citizen, resident in the UK with all my income earned here in the UK)

Thanks in advance!

Hi - I'm doing my (last minute) taxes and am not sure how to treat my dividends. I own 10% of a UK ltd company and earn a small amount of dividends. This is the first year I'm in that situation.

Any idea if this counts as ordinary or qualified dividends, and how to fill in form 1040 accordingly?

I normally take my total wages from line 7, and subtract the full amount in line 21. Can I include the dividends in the total to subtract there as well?

(if it helps I'm a US citizen, resident in the UK with all my income earned here in the UK)

Thanks in advance!

Has a 5471 been prepared (as this is the year of acquisition)? Has a Form 926 been prepared? Is it a PFIC? Have you done quarterly PFIC testing to find out? What percentage of the company is owned by US persons? What percentage of the company is owned by persons to whom you are related?

I was advised to use qualified.

I was advised to use qualified.

Which is correct if the entity is not a PFIC. We do not know, however, for certain from this question if it might not be a PFIC.