Hi, Turbotax states "You entered $X of foreign taxes paid. Now enter the portion of the $Y dividends and distributions that was from a foreign country or U.S. possession."
I have two mutual funds. One is a foreign stock fund that paid me $M in dividends and the 1099-DIV states that 90% of the dividends are foreign and 60% are qualified. Another fund is a federally tax-exempt muni bond fund where 2% of the $N dividends are from U.S. possessions (Guam, Puerto Rico, etc.).
Am I correct in my understanding that I need to enter 0.9M+0.02N in this box? Or is it only 0.9M? I believe this number then becomes box 1a on form 1116.
Also, where does the 60% come into play in TurboTax. It seems like this is unused information.
