If a T. Rowe Price fund pays out more in distributions than it earned during the year, you do not owe tax on your share of the excess amount, which is called a "nontaxable distribution" or "return of capital." We report this type of distribution in Box 3 of Form 1099-DIV. You will need to subtract any amounts reported in Box 3 of Form 1099-DIV from the cost basis of your shares. For information on IRS Form 8937 and organizational actions affecting the basis of securities, including items such as mergers, fund liquidations, and reclassifications that affect cost basis, commonly referred to as "corporate actions," please visit our website at Corporate Actions.
Listed below are the 2025 dividends paid by the T. Rowe Price funds that have a return of capital for Form 1099-DIV purposes.
| T. Rowe Price Fund | 2025 Payment Date | Per Share Amount | Tax Character | |
|---|---|---|---|---|
| Before | After | |||
| Dynamic Global Bond | 01/31/2025 | $0.008184955 | Income Dividend | Return of Capital |
| Dynamic Global Bond | 02/28/2025 | $0.008861913 | Income Dividend | Return of Capital |
| Dynamic Global Bond | 03/31/2025 | $0.009871655 | Income Dividend | Return of Capital |
| Dynamic Global Bond | 04/30/2025 | $0.010248132 | Income Dividend | Return of Capital |
| Dynamic Global Bond | 05/30/2025 | $0.009703569 | Income Dividend | Return of Capital |
| Dynamic Global Bond | 06/30/2025 | $0.008507831 | Income Dividend | Return of Capital |
| Dynamic Global Bond | 07/31/2025 | $0.008333461 | Income Dividend | Return of Capital |
| Dynamic Global Bond | 08/29/2025 | $0.008608762 | Income Dividend | Return of Capital |
| Dynamic Global Bond | 09/30/2025 | $0.006752214 | Income Dividend | Return of Capital |
| Dynamic Global Bond | 10/31/2025 | $0.008877996 | Income Dividend | Return of Capital |
| Dynamic Global Bond | 11/28/2025 | $0.007620956 | Income Dividend | Return of Capital |
| Dynamic Global Bond - I Class | 01/31/2025 | $0.008564706 | Income Dividend | Return of Capital |
| Dynamic Global Bond - I Class | 02/28/2025 | $0.009155403 | Income Dividend | Return of Capital |
| Dynamic Global Bond - I Class | 03/31/2025 | $0.010125298 | Income Dividend | Return of Capital |
| Dynamic Global Bond - I Class | 04/30/2025 | $0.010603640 | Income Dividend | Return of Capital |
| Dynamic Global Bond - I Class | 05/30/2025 | $0.010098567 | Income Dividend | Return of Capital |
| Dynamic Global Bond - I Class | 06/30/2025 | $0.008892845 | Income Dividend | Return of Capital |
| Dynamic Global Bond - I Class | 07/31/2025 | $0.008731340 | Income Dividend | Return of Capital |
| Dynamic Global Bond - I Class | 08/29/2025 | $0.008992300 | Income Dividend | Return of Capital |
| Dynamic Global Bond - I Class | 09/30/2025 | $0.007140568 | Income Dividend | Return of Capital |
| Dynamic Global Bond - I Class | 10/31/2025 | $0.009356229 | Income Dividend | Return of Capital |
| Dynamic Global Bond - I Class | 11/28/2025 | $0.007977886 | Income Dividend | Return of Capital |
| Emerging Markets Bond | 01/31/2025 | $0.000794966 | Income Dividend | Return of Capital |
| Emerging Markets Bond | 02/28/2025 | $0.000613585 | Income Dividend | Return of Capital |
| Emerging Markets Bond | 03/31/2025 | $0.000644049 | Income Dividend | Return of Capital |
| Emerging Markets Bond | 04/30/2025 | $0.000658476 | Income Dividend | Return of Capital |
| Emerging Markets Bond | 05/30/2025 | $0.000688949 | Income Dividend | Return of Capital |
| Emerging Markets Bond | 06/30/2025 | $0.000623745 | Income Dividend | Return of Capital |
| Emerging Markets Bond | 07/31/2025 | $0.000674549 | Income Dividend | Return of Capital |
| Emerging Markets Bond | 08/29/2025 | $0.000710091 | Income Dividend | Return of Capital |
| Emerging Markets Bond | 09/30/2025 | $0.000642740 | Income Dividend | Return of Capital |
| Emerging Markets Bond | 10/31/2025 | $0.000737832 | Income Dividend | Return of Capital |
| Emerging Markets Bond | 11/28/2025 | $0.000638055 | Income Dividend | Return of Capital |
| Emerging Markets Bond - I Class | 01/31/2025 | $0.000825014 | Income Dividend | Return of Capital |
| Emerging Markets Bond - I Class | 02/28/2025 | $0.000642931 | Income Dividend | Return of Capital |
| Emerging Markets Bond - I Class | 03/31/2025 | $0.000672484 | Income Dividend | Return of Capital |
| Emerging Markets Bond - I Class | 04/30/2025 | $0.000692520 | Income Dividend | Return of Capital |
| Emerging Markets Bond - I Class | 05/30/2025 | $0.000724651 | Income Dividend | Return of Capital |
| Emerging Markets Bond - I Class | 06/30/2025 | $0.000658215 | Income Dividend | Return of Capital |
| Emerging Markets Bond - I Class | 07/31/2025 | $0.000711064 | Income Dividend | Return of Capital |
| Emerging Markets Bond - I Class | 08/29/2025 | $0.000748653 | Income Dividend | Return of Capital |
| Emerging Markets Bond - I Class | 09/30/2025 | $0.000677299 | Income Dividend | Return of Capital |
| Emerging Markets Bond - I Class | 10/31/2025 | $0.000776849 | Income Dividend | Return of Capital |
| Emerging Markets Bond - I Class | 11/28/2025 | $0.000670880 | Income Dividend | Return of Capital |
| Global Consumer | 11/20/2025 | $0.013707462 | Income Dividend | Return of Capital |
| International Bond | 01/31/2025 | $0.009047757 | Income Dividend | Return of Capital |
| International Bond | 02/28/2025 | $0.008690497 | Income Dividend | Return of Capital |
| International Bond | 03/31/2025 | $0.009141158 | Income Dividend | Return of Capital |
| International Bond | 04/30/2025 | $0.010832788 | Income Dividend | Return of Capital |
| International Bond | 05/30/2025 | $0.011818025 | Income Dividend | Return of Capital |
| International Bond | 06/30/2025 | $0.011107102 | Income Dividend | Return of Capital |
| International Bond | 07/31/2025 | $0.011234906 | Income Dividend | Return of Capital |
| International Bond | 08/29/2025 | $0.011140840 | Income Dividend | Return of Capital |
| International Bond | 09/30/2025 | $0.009656591 | Income Dividend | Return of Capital |
| International Bond | 10/31/2025 | $0.010648968 | Income Dividend | Return of Capital |
| International Bond | 11/28/2025 | $0.009147951 | Income Dividend | Return of Capital |
| International Bond - I Class | 01/31/2025 | $0.009488491 | Income Dividend | Return of Capital |
| International Bond - I Class | 02/28/2025 | $0.009081159 | Income Dividend | Return of Capital |
| International Bond - I Class | 03/31/2025 | $0.009550499 | Income Dividend | Return of Capital |
| International Bond - I Class | 04/30/2025 | $0.011271895 | Income Dividend | Return of Capital |
| International Bond - I Class | 05/30/2025 | $0.012291661 | Income Dividend | Return of Capital |
| International Bond - I Class | 06/30/2025 | $0.011544270 | Income Dividend | Return of Capital |
| International Bond - I Class | 07/31/2025 | $0.011698944 | Income Dividend | Return of Capital |
| International Bond - I Class | 08/29/2025 | $0.011620769 | Income Dividend | Return of Capital |
| International Bond - I Class | 09/30/2025 | $0.010091655 | Income Dividend | Return of Capital |
| International Bond - I Class | 10/31/2025 | $0.011139704 | Income Dividend | Return of Capital |
| International Bond - I Class | 11/28/2025 | $0.009560538 | Income Dividend | Return of Capital |
| International Bond (USD Hedged) | 01/31/2025 | $0.001980145 | Income Dividend | Return of Capital |
| International Bond (USD Hedged) | 02/28/2025 | $0.001956722 | Income Dividend | Return of Capital |
| International Bond (USD Hedged) | 03/31/2025 | $0.002071163 | Income Dividend | Return of Capital |
| International Bond (USD Hedged) | 04/30/2025 | $0.002561780 | Income Dividend | Return of Capital |
| International Bond (USD Hedged) | 05/30/2025 | $0.002666958 | Income Dividend | Return of Capital |
| International Bond (USD Hedged) | 06/30/2025 | $0.002418413 | Income Dividend | Return of Capital |
| International Bond (USD Hedged) | 07/31/2025 | $0.002449736 | Income Dividend | Return of Capital |
| International Bond (USD Hedged) | 08/29/2025 | $0.002420500 | Income Dividend | Return of Capital |
| International Bond (USD Hedged) | 09/30/2025 | $0.002096987 | Income Dividend | Return of Capital |
| International Bond (USD Hedged) | 10/31/2025 | $0.002297107 | Income Dividend | Return of Capital |
| International Bond (USD Hedged) | 11/28/2025 | $0.001995682 | Income Dividend | Return of Capital |
| International Bond (USD Hedged) - I Class | 01/31/2025 | $0.002158927 | Income Dividend | Return of Capital |
| International Bond (USD Hedged) - I Class | 02/28/2025 | $0.002090686 | Income Dividend | Return of Capital |
| International Bond (USD Hedged) - I Class | 03/31/2025 | $0.002208114 | Income Dividend | Return of Capital |
| International Bond (USD Hedged) - I Class | 04/30/2025 | $0.002728148 | Income Dividend | Return of Capital |
| International Bond (USD Hedged) - I Class | 05/30/2025 | $0.002851470 | Income Dividend | Return of Capital |
| International Bond (USD Hedged) - I Class | 06/30/2025 | $0.002613415 | Income Dividend | Return of Capital |
| International Bond (USD Hedged) - I Class | 07/31/2025 | $0.002651267 | Income Dividend | Return of Capital |
| International Bond (USD Hedged) - I Class | 08/29/2025 | $0.002625972 | Income Dividend | Return of Capital |
| International Bond (USD Hedged) - I Class | 09/30/2025 | $0.002269588 | Income Dividend | Return of Capital |
| International Bond (USD Hedged) - I Class | 10/31/2025 | $0.002498421 | Income Dividend | Return of Capital |
| International Bond (USD Hedged) - I Class | 11/28/2025 | $0.002162040 | Income Dividend | Return of Capital |
| Retirement Income 2020 | 01/17/2025 | $0.014988322 | Income Dividend | Return of Capital |
| Retirement Income 2020 | 02/20/2025 | $0.014988322 | Income Dividend | Return of Capital |
| Retirement Income 2020 | 03/19/2025 | $0.014988322 | Income Dividend | Return of Capital |
| Retirement Income 2020 | 04/17/2025 | $0.014988322 | Income Dividend | Return of Capital |
| Retirement Income 2020 | 05/19/2025 | $0.014988322 | Income Dividend | Return of Capital |
| Retirement Income 2020 | 06/18/2025 | $0.014988322 | Income Dividend | Return of Capital |
| Retirement Income 2020 | 07/17/2025 | $0.014988322 | Income Dividend | Return of Capital |
| Retirement Income 2020 | 08/19/2025 | $0.014988322 | Income Dividend | Return of Capital |
| Retirement Income 2020 | 09/17/2025 | $0.014988322 | Income Dividend | Return of Capital |
| Retirement Income 2020 | 10/17/2025 | $0.014988322 | Income Dividend | Return of Capital |
| Retirement Income 2020 | 11/19/2025 | $0.014988322 | Income Dividend | Return of Capital |
| Retirement Income 2020 | 12/17/2025 | $0.014988322 | Income Dividend | Return of Capital |
| Retirement Income 2020 | 12/30/2025 | $0.151710253 | Long-Term Capital Gain | Return of Capital |
| Retirement Income 2020 - I Class | 01/17/2025 | $0.014988322 | Income Dividend | Return of Capital |
| Retirement Income 2020 - I Class | 02/20/2025 | $0.014988322 | Income Dividend | Return of Capital |
| Retirement Income 2020 - I Class | 03/19/2025 | $0.014988322 | Income Dividend | Return of Capital |
| Retirement Income 2020 - I Class | 04/17/2025 | $0.014988322 | Income Dividend | Return of Capital |
| Retirement Income 2020 - I Class | 05/19/2025 | $0.014988322 | Income Dividend | Return of Capital |
| Retirement Income 2020 - I Class | 06/18/2025 | $0.014988322 | Income Dividend | Return of Capital |
| Retirement Income 2020 - I Class | 07/17/2025 | $0.014988322 | Income Dividend | Return of Capital |
| Retirement Income 2020 - I Class | 08/19/2025 | $0.014988322 | Income Dividend | Return of Capital |
| Retirement Income 2020 - I Class | 09/17/2025 | $0.014988322 | Income Dividend | Return of Capital |
| Retirement Income 2020 - I Class | 10/17/2025 | $0.014988322 | Income Dividend | Return of Capital |
| Retirement Income 2020 - I Class | 11/19/2025 | $0.014988322 | Income Dividend | Return of Capital |
| Retirement Income 2020 - I Class | 12/17/2025 | $0.014988322 | Income Dividend | Return of Capital |
| Retirement Income 2020 - I Class | 12/30/2025 | $0.151710253 | Long-Term Capital Gain | Return of Capital |
| Retirement Income 2025 | 01/17/2025 | $0.004087934 | Income Dividend | Return of Capital |
| Retirement Income 2025 | 02/20/2025 | $0.004087934 | Income Dividend | Return of Capital |
| Retirement Income 2025 | 03/19/2025 | $0.004087934 | Income Dividend | Return of Capital |
| Retirement Income 2025 | 04/17/2025 | $0.004087934 | Income Dividend | Return of Capital |
| Retirement Income 2025 | 05/19/2025 | $0.004087934 | Income Dividend | Return of Capital |
| Retirement Income 2025 | 06/18/2025 | $0.004087934 | Income Dividend | Return of Capital |
| Retirement Income 2025 | 07/17/2025 | $0.004087934 | Income Dividend | Return of Capital |
| Retirement Income 2025 | 08/19/2025 | $0.004087934 | Income Dividend | Return of Capital |
| Retirement Income 2025 | 09/17/2025 | $0.004087934 | Income Dividend | Return of Capital |
| Retirement Income 2025 | 10/17/2025 | $0.004087934 | Income Dividend | Return of Capital |
| Retirement Income 2025 | 11/19/2025 | $0.004087934 | Income Dividend | Return of Capital |
| Retirement Income 2025 | 12/17/2025 | $0.004087934 | Income Dividend | Return of Capital |
| Retirement Income 2025 | 12/30/2025 | $0.035619267 | Long-Term Capital Gain | Return of Capital |
| Retirement Income 2025 - I Class | 01/17/2025 | $0.004077479 | Income Dividend | Return of Capital |
| Retirement Income 2025 - I Class | 02/20/2025 | $0.004077479 | Income Dividend | Return of Capital |
| Retirement Income 2025 - I Class | 03/19/2025 | $0.004077479 | Income Dividend | Return of Capital |
| Retirement Income 2025 - I Class | 04/17/2025 | $0.004077479 | Income Dividend | Return of Capital |
| Retirement Income 2025 - I Class | 05/19/2025 | $0.004077479 | Income Dividend | Return of Capital |
| Retirement Income 2025 - I Class | 06/18/2025 | $0.004077479 | Income Dividend | Return of Capital |
| Retirement Income 2025 - I Class | 07/17/2025 | $0.004077479 | Income Dividend | Return of Capital |
| Retirement Income 2025 - I Class | 08/19/2025 | $0.004077479 | Income Dividend | Return of Capital |
| Retirement Income 2025 - I Class | 09/17/2025 | $0.004077479 | Income Dividend | Return of Capital |
| Retirement Income 2025 - I Class | 10/17/2025 | $0.004077479 | Income Dividend | Return of Capital |
| Retirement Income 2025 - I Class | 11/19/2025 | $0.004077479 | Income Dividend | Return of Capital |
| Retirement Income 2025 - I Class | 12/17/2025 | $0.004077479 | Income Dividend | Return of Capital |
| Retirement Income 2025 - I Class | 12/30/2025 | $0.035619267 | Long-Term Capital Gain | Return of Capital |
| Total Return | 01/31/2025 | $0.002013222 | Income Dividend | Return of Capital |
| Total Return | 02/28/2025 | $0.001829132 | Income Dividend | Return of Capital |
| Total Return | 03/31/2025 | $0.001887263 | Income Dividend | Return of Capital |
| Total Return | 04/30/2025 | $0.001863972 | Income Dividend | Return of Capital |
| Total Return - I Class | 01/31/2025 | $0.002066680 | Income Dividend | Return of Capital |
| Total Return - I Class | 02/28/2025 | $0.001876494 | Income Dividend | Return of Capital |
| Total Return - I Class | 03/31/2025 | $0.001936241 | Income Dividend | Return of Capital |
| Total Return - I Class | 04/30/2025 | $0.001913776 | Income Dividend | Return of Capital |
| Capital Appreciation Premium Income ETF | 04/25/2025 | $0.073498536 | Income Dividend | Return of Capital |
| Capital Appreciation Premium Income ETF | 05/27/2025 | $0.099636952 | Income Dividend | Return of Capital |
| Capital Appreciation Premium Income ETF | 06/25/2025 | $0.091442433 | Income Dividend | Return of Capital |
| Capital Appreciation Premium Income ETF | 07/28/2025 | $0.085979420 | Income Dividend | Return of Capital |
| Capital Appreciation Premium Income ETF | 08/26/2025 | $0.085349072 | Income Dividend | Return of Capital |
| Capital Appreciation Premium Income ETF | 09/25/2025 | $0.083668145 | Income Dividend | Return of Capital |
| Capital Appreciation Premium Income ETF | 10/28/2025 | $0.124766812 | Income Dividend | Return of Capital |
| Capital Appreciation Premium Income ETF | 11/24/2025 | $0.088921042 | Income Dividend | Return of Capital |
| Capital Appreciation Premium Income ETF | 12/23/2025 | $0.084639798 | Income Dividend | Return of Capital |
A reclassification means that the tax character of the dividend on your Form 1099-DIV is different than the tax character reported on your statement, which reported the dividend to you. Tax character indicates whether the dividend is from taxable or tax-exempt income or is a short-term or long-term gain.
Listed below are the 2025 dividends paid by the T. Rowe Price funds that have been reclassified for Form 1099-DIV purposes.
| T. Rowe Price Fund | 2025 Payment Date | Per Share Amount | Tax Character | |
|---|---|---|---|---|
| Before | After | |||
| California Tax-Free Bond | 12/31/2025 | $0.000132468 | Tax-Exempt Income | Taxable Income |
| California Tax-Free Bond - I Class | 12/31/2025 | $0.000137780 | Tax-Exempt Income | Taxable Income |
| Georgia Tax-Free Bond | 12/31/2025 | $0.000607069 | Tax-Exempt Income | Taxable Income |
| Georgia Tax-Free Bond - I Class | 12/31/2025 | $0.000627855 | Tax-Exempt Income | Taxable Income |
| Global Consumer | 11/20/2025 |
$0.022577837 | Income Dividend | Long-Term Capital Gain |
| Intermediate Tax-Free High Yield | 12/31/2025 | $0.000786209 | Tax-Exempt Income | Taxable Income |
| Intermediate Tax-Free High Yield - I Class | 12/31/2025 | $0.000795149 | Tax-Exempt Income | Taxable Income |
| International Disciplined Equity | 12/17/2025 | $0.028856467 | Short-Term Capital Gain | Long-Term Capital Gain |
| International Disciplined Equity - I Class | 12/17/2025 | $0.028856467 | Short-Term Capital Gain | Long-Term Capital Gain |
| Maryland Short-Term Tax-Free Bond | 12/31/2025 | $0.000182920 | Tax-Exempt Income | Taxable Income |
| Maryland Short-Term Tax-Free Bond - I Class | 12/31/2025 | $0.000190175 | Tax-Exempt Income | Taxable Income |
| Maryland Tax-Free Bond | 12/31/2025 | $0.000326739 | Tax-Exempt Income | Taxable Income |
| Maryland Tax-Free Bond - I Class | 12/31/2025 | $0.000333764 | Tax-Exempt Income | Taxable Income |
| Mid-Cap Value | 12/12/2025 | $0.039051701 | Income Dividend | Long-Term Capital Gain |
| New Jersey Tax-Free Bond | 12/31/2025 | $0.000241828 | Tax-Exempt Income | Taxable Income |
| New Jersey Tax-Free Bond - I Class | 12/31/2025 | $0.000251533 | Tax-Exempt Income | Taxable Income |
| New York Tax-Free Bond | 12/31/2025 | $0.000279567 | Tax-Exempt Income | Taxable Income |
| New York Tax-Free Bond - I Class | 12/31/2025 | $0.000286675 | Tax-Exempt Income | Taxable Income |
| Real Estate | 09/29/2025 | $0.014787519 | Income Dividend | Long-Term Capital Gain |
| Real Estate | 12/16/2025 | $0.085400000 | Income Dividend | Long-Term Capital Gain |
| Summit Municipal Income | 12/31/2025 | $0.000202575 | Tax-Exempt Income | Taxable Income |
| Summit Municipal Income - I Class | 12/31/2025 | $0.000208442 | Tax-Exempt Income | Taxable Income |
| Summit Municipal Intermediate | 12/31/2025 | $0.000793941 | Tax-Exempt Income | Taxable Income |
| Summit Municipal Intermediate - I Class | 12/31/2025 | $0.000821605 | Tax-Exempt Income | Taxable Income |
| Tax-Free High Yield | 12/31/2025 | $0.002495660 | Tax-Exempt Income | Taxable Income |
| Tax-Free High Yield - I Class | 12/31/2025 | $0.002569078 | Tax-Exempt Income | Taxable Income |
| Tax-Free Income | 12/31/2025 | $0.003332549 | Tax-Exempt Income | Taxable Income |
| Tax-Free Income - I Class | 12/31/2025 | $0.003375015 | Tax-Exempt Income | Taxable Income |
| Virginia Tax-Free Bond | 12/31/2025 | $0.000197428 | Tax-Exempt Income | Taxable Income |
| Virginia Tax-Free Bond - I Class | 12/31/2025 | $0.000205020 | Tax-Exempt Income | Taxable Income |
| Intermediate Municipal Income ETF | 12/26/2025 | $0.001902381 | Tax-Exempt Income | Taxable Income |
*Amounts after reclassification only represent the reclassified amount and not necessarily the fund’s total per share for that category.
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