Get your taxes done using TurboTax
You are correct. If you need to file the 1116, you will select either Regulated Investment Company if that is how you are invested or you will select the countries involved.
Follow these steps:
- You can go to federal deductions and credits.
- Scroll down to Estimates and Other Taxes Paid.
- Locate Foreign taxes.
Most people select the tax credit but you can try the deduction and see which is better for you. See Where do I enter the foreign tax credit (Form 1116) or deduction?
