I have a Traditional IRA account with investments in numerous stocks and REITs. One of the REITs apparently had some holdings in Puerto Rico, and after I filed my 2019 taxes, I received a Puerto Rico Form 480.6C with entries in line 6 for "Dividends Subject to 15% under Section 1062.08".
As I understand it, since there are no distributions from this IRA, and there was no 1041K which may have indicated "Unrelated Business Income" requiring a Form 990-T; does this Form have ANY impact on my tax return? Can I file a Form 1116 to get Foreign Tax Credit even though the Tax was paid within an IRA--or does it just get counted as an expense out of the IRA that is non-taxable (or deductible) and nothing is done with it?
