artg
Level 4

Foreign Tax Credit: Form 1099-Div Box 7 greater than $600

Good morning.  My wife and I (MFJ) have a single (International) mutual fund that states Foreign Tax Paid in box #7 of the 1099-Div.  Box #8 says "Various." This year (2019) the amount paid is greater than $600.  We would like to take the Foreign Tax Credit.  In past years the amount (in box #7) was less than $600.  I'm looking for a step by step process that we'll need to follow to take the credit.  I understand that we may have to file form 1116.  Can anyone assist in this matter please? 

SusanY1
Employee Tax Expert

Get your taxes done using TurboTax

After you have entered all of your income, you will enter the foreign tax following these steps:

  • Click on Deductions & Credits.
  • Scroll down to Estimates and Other Taxes Paid; click Show More.
  • Click Start (or Revisit) beside Foreign Taxes.
  • Follow the prompts through this section of the program to elect to take the credit.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post