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Solved

Foreign Tax Credit under $600, filing jointly. All passive income...from Dividends. How to report this?

Forum|Forum|5 years ago
April 26, 2021
1 reply
0 views

One of the income sources is a well known stock out of Ireland. The majority of the income is from ETF's, or RIC's. How do I report this on TurboTax Premier? There is no option allowing reporting both a country and RIC's.

Best answer by linaj20201

If your total foreign tax paid is less than $600, you do not need a Form 1116 to claim the credit. You can try to select "Other Source" under Foreign Dividends section and "Various" under Where are Foreign Dividends From section.

Level 15

You can claim a foreign tax credit for both RICs and a specific country. If you have foreign tax paid on a 1099-DIV, the amounts will automatically flow to the Foreign Taxes in Deductions & Credits.

After you report foreign taxes from RICs, add a country.

Type foreign taxes in Search in the upper right
Select Jump to foreign taxes
On Tell Us About Your Foreign Taxes choose None of these apply. Continue.
Take the Credit
On Where Did You Receive Dividend Income From? choose RIC and Ireland
On Income From Foreign Countries, select RIC, Report Income and answer the questions
On Country Summary, select Add a Country and choose Ireland and answer the questions

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

JO116Author

Level 2

Followed instructions up to: Where Did You Receive Dividend Income From? ....which did not appear.

Nor did: Income From Foreign Countries

Could that be because we are under the $600 Joint Filing threshold, where Form 1116 isn't required?

If so, is it OK to use "other source" in Report Foreign Dividends" section, and "Various" in "Where are Foreign Dividends From" section?

And, not use "none of these apply"?

linaj20201Answer

Level 14

If your total foreign tax paid is less than $600, you do not need a Form 1116 to claim the credit. You can try to select "Other Source" under Foreign Dividends section and "Various" under Where are Foreign Dividends From section.