BobP55, excellent technical and practical explanation.
Most of us generate foreign tax credits as ordinary investors, either in international mutual funds or in foreign-issued stock held in the form of American Depositoy Receipts (ADRs). These are the 'simple' sitauations. Foreign tax credit computations for others can be much more complicated, with additional required Form 1116 Schedules. The basic form was released to the public in December 2021; Instructions and related Schedules in January 2022. Programming updates to Form 1116 has to be much more difficult than most tax forms, so it is reasonable that those of us lucky enough to be able to claim foreign tax credits will need to wait a little longer to file our returns via TT, even though in many cases Form 1116 will not need to be actually included with our 2021 federal income tax return.
