In order to claim the deduction in Schedule A, you need to complete the Foreign Tax Credit section to make the election whether to take the deduction or the credit. Here is how to report.
- Click on federal> Deductions and Credits at the top of the screen
- Select I will choose what I work on
- Scroll down to Estimates and Other Taxes Paid
- Select Foreign Taxes and then select start
- Select Yes to the question "Did you pay foreign taxes in 2021 or have credits to use from a prior year?" and then click on Continue
- Answer yes to the question that asks if you have already reported all your foreign income paid on interest, dividends or K1's.
- Continue past the next question and when you get to a screen that says Tell us About your Foreign Taxes, indicate none of these apply.
- Continue on until it asks you if you wish to take the deduction or credit. Here you will indicate you wish to take the deduction and this election will allow you to claim the deduction on Schedule A.
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