2023 Qualified REIT Dividends

Beginning in 2018 (until the end of 2025), if you are a taxpayer other than a corporation, you are generally allowed a deduction of up to 20% of your qualified real estate investment trust (REIT) dividends. Qualified REIT dividends from a fund are reported in Box 5, Section 199A dividends, of your Form 1099‑DIV.

The table below reports the percentage of the ordinary dividend paid by the T. Rowe Price funds that may be eligible for the deduction. The data is provided here for informational purposes only and to assist you in your tax planning. In preparing your tax return, use the amount in Box 5 of your Form 1099-DIV.

Note that you may not take this deduction for a dividend on shares of a fund that have been held for less than 46 days during the 91-day period beginning on the date 45 days before the ex-dividend date. You may find your fund's ex-dividend date here.

If you own a fund that has more than one distribution during the year, the amount reported in Box 5 of your Form 1099-DIV will be based on the qualifying percentage of each distribution.

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

Please consult your tax advisor for the impact on your return. 

Qualified REIT Dividends Percentage Tables

T. Rowe Price Domestic Stock Funds

T. Rowe Price Fund Qualified REIT Dividends Percentage1
All-Cap Opportunities 0.42%
Balanced - All Quarters 1.07%
Blue Chip Growth N/A
Capital Appreciation
Capital Appreciation and Income
Communications & Technology
Diversified Mid-Cap Growth
Diversified Mid-Cap Value
Dividend Growth - All Quarters
Equity Income - All Quarters
Equity Index 500 - All Quarters
Extended Equity Market Index 16.57%
Financial Services
Growth Stock
Health Sciences N/A
Hedged Equity
Integrated U.S. Large-Cap Value Equity
Integrated U.S. Small-Cap Growth Equity N/A
Integrated U.S. Small-Mid Cap Core Equity
Large-Cap Growth N/A
Large-Cap Value
Mid-Cap Growth
Mid-Cap Value 0.00%
Multi-Strategy Total Return
New Era
New Horizons N/A
Real Assets 28.94%
Real Estate - All Quarters 90.10%
Science & Technology N/A
Small-Cap Stock
Small-Cap Value 0.00%
Spectrum Conservative Allocation - All Quarters 0.41%
Spectrum Moderate Allocation - All Quarters 0.75%
Spectrum Moderate Growth Allocation - All Quarters 1.34%
Tax-Efficient Equity
Total Equity Market Index
U.S. Equity Research
U.S. Large-Cap Core
Value 2.09%

T. Rowe Price International/Global Stock and Bond Funds

International/Global Stock Funds

T. Rowe Price Fund Qualified REIT Dividends Percentage1
Africa & Middle East
Asia Opportunities
China Evolution Equity
Emerging Europe
Emerging Markets Discovery Stock
Emerging Markets Stock
European Stock
Global Allocation 0.96%
Global Consumer
Global Growth Stock
Global Impact Equity
Global Industrials
Global Real Estate - All Quarters 53.09%
Global Stock
Global Technology N/A
Global Value Equity
Integrated Global Equity
International Disciplined Equity
International Discovery
International Equity Index
International Stock
International Value Equity
Latin America
New Asia
Overseas Stock

International/Global Bond Funds

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

T. Rowe Price Taxable Bond and Money Market Funds

T. Rowe Price Fund Qualified REIT Dividends Percentage1
Cash Reserves
Corporate Income
Credit Opportunities
Floating Rate
Government Money
High Yield
Inflation Protected Bond
Limited Duration Inflation Focused Bond
New Income
QM U.S. Bond Index
Short Duration Income
Short-Term Bond
Total Return
U.S. High Yield
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 REIT Dividends 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 REIT Dividends Percentage1
Retirement 2005 0.44%
Retirement 2010 0.50%
Retirement 2015 0.54%
Retirement 2020 0.59%
Retirement 2025 0.69%
Retirement 2030 0.90%
Retirement 2035 1.15%
Retirement 2040 1.36%
Retirement 2045 1.07%
Retirement 2050
Retirement 2055
Retirement 2060
Retirement 2065
Retirement Balanced
Retirement Blend 2005 0.70%
Retirement Blend 2010 0.84%
Retirement Blend 2015 0.80%
Retirement Blend 2020 0.89%
Retirement Blend 2025 1.06%
Retirement Blend 2030 1.35%
Retirement Blend 2035 1.68%
Retirement Blend 2040 1.90%
Retirement Blend 2045 2.07%
Retirement Blend 2050 2.10%
Retirement Blend 2055 2.15%
Retirement Blend 2060 2.17%
Retirement Blend 2065 2.31%
Retirement I 2005 - I Class 0.47%
Retirement I 2010 - I Class 0.52%
Retirement I 2015 - I Class 0.55%
Retirement I 2020 - I Class 0.61%
Retirement I 2025 - I Class 0.76%
Retirement I 2030 - I Class 1.01%
Retirement I 2035 - I Class 1.31%
Retirement I 2040 - I Class 1.56%
Retirement I 2045 - I Class 1.64%
Retirement I 2050 - I Class 1.63%
Retirement I 2055 - I Class 1.64%
Retirement I 2060 - I Class 1.67%
Retirement I 2065 - I Class 1.75%
Retirement Balanced I - I Class
Retirement Income 2020 0.63%
Spectrum Diversified Equity
Spectrum Income
Spectrum International Equity
Target 2005 0.31%
Target 2010 0.33%
Target 2015 0.37%
Target 2020 0.40%
Target 2025 0.50%
Target 2030 0.68%
Target 2035 0.90%
Target 2040 1.13%
Target 2045 1.39%
Target 2050 1.53%
Target 2055 1.58%
Target 2060 1.57%
Target 2065 0.60%

T. Rowe Price ETFs

T. Rowe Price ETF Qualified REIT Dividends Percentage1
Blue Chip Growth ETF N/A
Capital Appreciation Equity ETF 0.00%
Dividend Growth ETF 0.00%
Equity Income ETF 0.00%
Floating Rate ETF 0.00%
Growth ETF 0.00%
Growth Stock ETF 0.00%
International Equity ETF 0.00%
QM U.S. Bond ETF 0.00%
Small-Mid Cap ETF 0.00%
Total Return ETF 0.00%
U.S. Equity Research ETF 0.00%
U.S. High Yield ETF 0.00%
Ultra Short-Term Bond ETF 0.00%
Value ETF 0.00%

1The percentage applies to the total of your ordinary dividends 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 did not pass through qualified REIT dividends.


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