2023 Qualified Dividend Income

All or a portion of your ordinary income dividend from a fund may be taxed at a reduced capital gains rate rather than the higher marginal rates applicable to ordinary income. The amount of your dividend subject to this lower rate is reported in Box 1b of your Form 1099-DIV mailed in late January. The tax forms for the T. Rowe Price Real Assets, Real Estate, Global Real Estate, Mid-Cap Value, and Small-Cap Value Funds mail in mid-February.

The tables below report the percentage of the ordinary dividend paid by the T. Rowe Price funds that qualify for the lower dividend rate. The data is provided here for informational purposes only and to assist you in your tax planning. In preparing your tax return, please use the amount in Box 1b of your Form 1099-DIV.

To treat a dividend as qualifying for lower rates, you must have held your shares on which you received the dividend for at least 61 days during the 121-day period beginning 60 days before the ex-dividend date of the distribution. Find your fund's ex-dividend date.

In addition, the ordinary dividend of a fund (the amount included in Box 1a of Form 1099-DIV) includes net short-term capital gains and foreign taxes paid, which may not qualify for the lower rates. As a result, the percentage of the Box 1a amount that qualifies for the lower tax rate can vary widely from year to year, depending on the amount of short-term gains and foreign taxes reported by the fund.

If you own a fund that has more than one distribution during the year, the amount reported in Box 1b of your Form 1099-DIV will be based on the qualifying percentage for each distribution.

Calculations based on the percentages below may yield amounts that differ from the amounts on your Form 1099-DIV due to rounding.

Qualified Dividend Income Percentage Tables

T. Rowe Price Domestic Stock Funds

T. Rowe Price Fund Qualified Dividend Income Percentage1
All-Cap Opportunities 30.82%
Balanced - All Quarters 52.03%
Blue Chip Growth N/A
Capital Appreciation 29.72%
Capital Appreciation and Income 10.90%
Communications & Technology 100.00%
Diversified Mid-Cap Growth 100.00%
Dividend Growth - All Quarters 100.00%
Equity Income - All Quarters 100.00%
Equity Index 500 - All Quarters 100.00%
Extended Equity Market Index 72.59%
Financial Services 100.00%
Growth Stock 100.00%
Health Sciences N/A
Hedged Equity Fund 67.87%
Integrated U.S. Large-Cap Value Equity 100.00%
Integrated U.S. Small-Cap Growth Equity N/A
Integrated U.S. Small-Mid Cap Core Equity 100.00%
Large-Cap Growth N/A
Large-Cap Value 100.00%
Mid-Cap Growth 100.00%
Mid-Cap Value 100.00%
Multi-Strategy Total Return 3.12%
New Era 100.00%
New Horizons N/A
Real Assets 57.01%
Real Estate - All Quarters 3.34%
Science & Technology N/A
Small-Cap Stock 100.00%
Small-Cap Value 100.00%
Spectrum Conservative Allocation - All Quarters 16.70%
Spectrum Moderate Allocation - All Quarters 33.40%
Spectrum Moderate Growth Allocation 64.56%
Tax-Efficient Equity 100.00%
Total Equity Market Index 100.00%
U.S. Equity Research 100.00%
U.S. Large-Cap Core 100.00%
Value 88.19%

T. Rowe Price International/Global Stock and Bond Funds

International/Global Stock Funds

T. Rowe Price Fund Qualified Dividend Income Percentage1
Africa & Middle East 33.40%
Asia Opportunities 56.03%
China Evolution Equity 67.49%
Emerging Europe 100.00%
Emerging Markets Discovery Stock 44.19%
Emerging Markets Stock 50.43%
European Stock 100.00%
Global Allocation 41.37
Global Consumer 100.00%
Global Growth Stock 100.00%
Global Impact Equity 100.00%
Global Industrials 100.00%
Global Real Estate - All Quarters 29.38%
Global Stock 100.00%
Global Technology N/A
Global Value Equity 100.00%
Integrated Global Equity 100.00%
International Disciplined Equity 56.31%
International Discovery 86.77%
International Equity Index 80.83%
International Stock 84.25%
International Value Equity 83.31%
Japan 82.15%
Latin America 81.70%
New Asia 39.94%
Overseas Stock 95.01%

International/Global Bond Funds

T. Rowe Price Fund Qualified Dividend Income Percentage1
Dynamic Credit 0.40%
Dynamic Global Bond
Emerging Markets Bond
Emerging Markets Corporate Bond
Emerging Markets Local Currency Bond
Global High Income Bond 0.05%
Global Multi-Sector Bond
International Bond
International Bond (USD Hedged)

T. Rowe Price Taxable Bond and Money Market Funds

T. Rowe Price Fund Qualified Dividend Income Percentage1
Cash Reserves
Corporate Income
Credit Opportunities 0.28%
Floating Rate
GNMA
Government Money
High Yield 0.22%
Inflation Protected Bond
Limited Duration Inflation Focused Bond
New Income
QM U.S. Bond Index
Short Duration Income
Short-Term Bond
Total Return 0.10%
U.S. High Yield 0.41%
U.S. Limited Duration TIPS Index
U.S. Treasury Intermediate Index
U.S. Treasury Long-Term Index
U.S. Treasury Money
Ultra Short-Term Bond

T. Rowe Price Tax-Free Bond and Money Market Funds

T. Rowe Price Fund Qualified Dividend Income Percentage1
California Tax-Free Bond N/A
Georgia Tax-Free Bond N/A
Intermediate Tax-Free High Yield N/A
Maryland Short-Term Tax-Free Bond N/A
Maryland Tax-Free Bond N/A
Maryland Tax-Free Money N/A
New Jersey Tax-Free Bond N/A
New York Tax-Free Bond N/A
Summit Municipal Income N/A
Summit Municipal Intermediate N/A
Tax-Exempt Money N/A
Tax-Free High Yield N/A
Tax-Free Income N/A
Tax-Free Short-Intermediate N/A
Virginia Tax-Free Bond N/A

T. Rowe Price Retirement, Spectrum, and Target Funds

T. Rowe Price Fund Qualified Dividend Income Percentage1
Retirement 2005 23.35%
Retirement 2010 26.54%
Retirement 2015 29.24%
Retirement 2020 32.32%
Retirement 2025 38.74%
Retirement 2030 53.56%
Retirement 2035 71.04%
Retirement 2040 87.87%
Retirement 2045 98.93%
Retirement 2050 100.00%
Retirement 2055 100.00%
Retirement 2060 100.00%
Retirement 2065 100.00%
Retirement Balanced 20.45%
Retirement Blend 2005 26.13%
Retirement Blend 2010 30.39%
Retirement Blend 2015 30.87%
Retirement Blend 2020 34.19%
Retirement Blend 2025 40.64%
Retirement Blend 2030 53.37%
Retirement Blend 2035 67.57%
Retirement Blend 2040 78.37%
Retirement Blend 2045 85.29%
Retirement Blend 2050 86.80%
Retirement Blend 2055 87.09%
Retirement Blend 2060 86.75%
Retirement Blend 2065 85.28%
Retirement I 2005 - I Class 23.67%
Retirement I 2010 - I Class 25.84%
Retirement I 2015 - I Class 27.73%
Retirement I 2020 - I Class 31.22%
Retirement I 2025 - I Class 39.37%
Retirement I 2030 - I Class 54.29%
Retirement I 2035 - I Class 72.16%
Retirement I 2040 - I Class 88.27%
Retirement I 2045 - I Class 93.94%
Retirement I 2050 - I Class 94.30%
Retirement I 2055 - I Class 96.39%
Retirement I 2060 - I Class 96.42%
Retirement I 2065 - I Class 95.95%
Retirement Balanced I - I Class 20.21%
Retirement Income 2020 33.46%
Spectrum Diversified Equity 100.00%
Spectrum Income 7.08%
Spectrum International Equity 100.00%
Target 2005 15.63%
Target 2010 16.65%
Target 2015 18.55%
Target 2020 20.63%
Target 2025 25.83%
Target 2030 36.68%
Target 2035 49.74%
Target 2040 64.39%
Target 2045 80.59%
Target 2050 91.66%
Target 2055 95.34%
Target 2060 97.90%
Target 2065 99.40%

1This percentage applies to the sum of your income dividend plus short-term capital gain distribution paid for the calendar year or other period, if indicated, as reported in Box 1a of your IRS Form 1099-DIV.

Percentages are the same for all fund classes (Investor, Advisor, R, and I classes). For more information on Advisor, R, Institutional, and Portfolio funds, please visit our website for financial intermediaries.

N/A is indicated where a fund did not pay a taxable income dividend or short-term capital gain or pass through a foreign tax expense in 2023.

A dash indicates that the fund paid a dividend or short-term capital gain, but it was not qualified dividend income.

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