2022 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 97.98
Balanced (All Quarters) 51.58
Blue Chip Growth
Capital Appreciation 45.78
Communications & Technology
Diversified Mid-Cap Growth
Dividend Growth (All Quarters) 100.00
Equity Income (All Quarters) 97.29
Equity Index 500 (All Quarters) 100.00
Extended Equity Market Index 77.58
Financial Services 100.00
Growth Stock
Health Sciences
Large-Cap Growth
Large-Cap Value 98.35
Mid-Cap Growth 100.00
Mid-Cap Value 90.11
Multi-Strategy Total Return 4.71
New Era 100.00
New Horizons
QM U.S. Small & Mid-Cap Core Equity 100.00
QM U.S. Small-Cap Growth Equity N/A
QM U.S. Value Equity 100.00
Real Assets 100.00
Real Estate (All Quarters) 1.60
Science & Technology
Small-Cap Stock 92.20
Small-Cap Value 100.00
Spectrum Conservative Allocation (All Quarters) 24.39
Spectrum Moderate Allocation (All Quarters) 42.82
Spectrum Moderate Growth Allocation 83.43
Tax-Efficient Equity 100.00
Total Equity Market Index 100.00
U.S. Equity Research 78.24
U.S. Large-Cap Core 100.00
Value 83.52

T. Rowe Price International/Global Stock and Bond Funds

International/Global Stock Funds

T. Rowe Price Fund Qualified Dividend Income Percentage1
Africa & Middle East 63.68
Asia Opportunities 30.14
China Evolution Equity 31.58
Emerging Europe 100.00
Emerging Markets Discovery Stock 38.29
Emerging Markets Stock 46.57
European Stock 100.00
Global Allocation 32.26
Global Consumer
Global Growth Stock 100.00
Global Impact Equity N/A
Global Industrials 22.07
Global Real Estate (All Quarters) 71.37
Global Stock N/A
Global Technology
Global Value Equity 100.00
International Disciplined Equity 100.00
International Discovery 100.00
International Equity Index 100.00
International Stock 69.40
International Value Equity 89.73
Japan 100.00
Latin America 93.69
New Asia 24.25
Overseas Stock 87.19
QM Global Equity 100.00

International/Global Bond Funds

T. Rowe Price Fund Qualified Dividend Income Percentage1
Dynamic Credit 1.19
Dynamic Global Bond
Emerging Markets Bond
Emerging Markets Corporate Bond
Emerging Markets Local Currency Bond
Global High Income Bond 0.80
Global Multi-Sector Bond 0.65
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 2.75
Floating Rate 0.61
Government Money
High Yield 2.85
Inflation Protected Bond
Limited Duration Inflation Focused Bond
New Income 0.25
QM U.S. Bond Index
Short Duration Income
Short-Term Bond
Total Return 0.95
U.S. High Yield 0.40
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
Intermediate Tax-Free High Yield
Maryland Short-Term Tax-Free Bond N/A
Maryland Tax-Free Bond
Maryland Tax-Free Money N/A
New Jersey Tax-Free Bond N/A
New York Tax-Free Bond
Summit Municipal Income
Summit Municipal Intermediate
Tax-Exempt Money N/A
Tax-Free High Yield
Tax-Free Income N/A
Tax-Free Short-Intermediate N/A
Virginia Tax-Free Bond

T. Rowe Price Retirement, Spectrum, and Target Funds

T. Rowe Price Fund Qualified Dividend Income Percentage1
Retirement 2005 18.03
Retirement 2010 20.68
Retirement 2015 22.68
Retirement 2020 26.06
Retirement 2025 33.55
Retirement 2030 49.07
Retirement 2035 70.84
Retirement 2040 95.06
Retirement 2045 100.00
Retirement 2050 100.00
Retirement 2055 100.00
Retirement 2060 100.00
Retirement 2065 100.00
Retirement Balanced 16.01
Retirement Balanced I - I Class 15.55
Retirement Blend 2005 21.08
Retirement Blend 2010 22.92
Retirement Blend 2015 26.01
Retirement Blend 2020 29.05
Retirement Blend 2025 35.88
Retirement Blend 2030 49.34
Retirement Blend 2035 65.25
Retirement Blend 2040 82.17
Retirement Blend 2045 92.65
Retirement Blend 2050 94.45
Retirement Blend 2055 95.38
Retirement Blend 2060 94.18
Retirement Blend 2065 81.49
Retirement I 2005 - I Class 17.48
Retirement I 2010 - I Class 19.63
Retirement I 2015 - I Class 22.18
Retirement I 2020 - I Class 24.81
Retirement I 2025 - I Class 31.56
Retirement I 2030 - I Class 43.80
Retirement I 2035 - I Class 62.45
Retirement I 2040 - I Class 77.51
Retirement I 2045 - I Class 97.00
Retirement I 2050 - I Class 100.00
Retirement I 2055 - I Class 100.00
Retirement I 2060 - I Class 100.00
Retirement I 2065 - I Class 91.39
Retirement Income 2020 26.16
Spectrum Diversified Equity 100.00
Spectrum Income 8.35
Spectrum International Equity 98.80
Target 2005 12.67
Target 2010 13.63
Target 2015 14.21
Target 2020 16.48
Target 2025 21.22
Target 2030 29.61
Target 2035 42.52
Target 2040 58.23
Target 2045 76.31
Target 2050 97.69
Target 2055 100.00
Target 2060 100.00
Target 2065 100.00

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 indicates that a fund did not pay a dividend or short-term capital gain, or pass through foreign tax paid.

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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