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Get your taxes done using TurboTax
As long as the foreign taxes paid does not exceed $300 for a Single taxpayer, then you should be able to claim the foreign tax credit just as you have in the past without needing to fill out the Form 1116.
Your interest income and the foreign taxes paid on that income will be entered in the Form 1099-INT section of your return. Then, you will go through the foreign taxes section after that.
For more information, take a look at the following TurboTax articles:
Where do I enter for foreign tax credit (Form 1116) or deduction for 2020?
Filing IRS Form 1116 to Claim the Foreign Tax Credit
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March 9, 2021
8:21 AM