If your foreign tax -box 7- is over $300 or $600 MFJ, then you need to go through the Form 1116 and enter the amount of foreign income that produced the foreign dividends. You will enter RIC (regulated investment company) for the foreign country since you are going through a brokerage account.
For example: you got $2,500 in dividends, how much is from a foreign country - look at the details of your 1099-B and find say 20% foreign dividends. Then 20% of $2500 is $500 of the total dividends are from foreign countries. The foreign tax in $75
In this example, you paid $75 in foreign tax on $500 of foreign income that were included in your total income of $2,500.
If your box 7 requires you to file Form 11116, see Claiming the Foreign Tax Credit with Form 1116 - TurboTax. Most people claim the credit. You can check the deduction to see if it is better for you.
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