Are you sure about that? I'm not. Why does the 1116 form and instructions ask for a breakdown by country? Where does it say one can simply use "various" on this form? Why does the typical brokerage account break out dividends by country, although those aren't reported by the IRS? Isn't it true that the reason the 1116 form asks for a breakout by country is that the United States does not have a double taxation treaty with all countries and that for some countries (e.g., France) there are particular nuances as to the source of income? Please explain.
Three other issues. First, an earlier reply by an Employee Tax Expert suggested that one could simply list an individual company as an "RIC" (Regulated Investment Company). This is incorrect and Intuit should make that clear in their instructions. An RIC (see IRS guidance) refers, basically, to an ETF, mutual fund or Investment Trust, NOT to an individual stock. If this is incorrect, please explain.
Second issue is with regards to a carryover foreign tax credit. Has it ever been resolved whether the form for this is available online? If not and it is therefore it is necessary to file a paper return, please let us know. Filing a paper return may mean a year (or years) long wait for a refund.
Third issue is with regards to next year's Turbotax software. Those of us who are intense Turbotax fans (myself enthusiastically included) would like to know if Turbotax will commit to at least improving its instructions regarding foreign tax credits for next year. Given the many questions that have arisen regarding this tax credit, I should think that Intuit should give the matter due consideration.
