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1099-DIV: Form 1116 or deduct from Schedule A?
My 1099-Div says I have several hundred dollars in foreign taxes paid. Box 8 says "Various". TurboTax asked me in the review section to either check the box for "Deduct from Sch A" or to link to a copy of Form 1116. I just checked the box. Was that the right thing to do? If not, how do I do the Form 1116 and uncheck the box after all?
FYI I do have other foreign taxes paid on actual income from working in another country temporarily, which I will enter as soon as I figure out how much I owe there. But this is just a 1099-Div from funds in a US bank account.
Thanks for your help!!
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March 24, 2020
12:00 AM