And if all the other tests are met from the instructions on form 1116. TurboTax will help you figure out if you can use this election.
You may be able to claim the foreign tax credit without filing Form 1116. This election is available only if you meet all of the following conditions.
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All of your foreign source gross income was “passive category income” (which includes most interest and dividends).
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All the income and any foreign taxes paid on it were reported to you on a qualified payee statement. Qualified payee statements include Form 1099-DIV, Form 1099-INT, Schedule K-1 (Form 1041), Schedule K-3 (Form 1065), Schedule K-3 (Form 1120-S), or similar substitute statements.
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Your total creditable foreign taxes aren't more than $300 ($600 if married filing a joint return).
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