KarenJ2
Expert Alumni

Deductions & credits

Once you have reported the foreign tax in Box 7 of the 1099-DIV input screen in TurboTax, you need to go to the foreign tax credit section of TurboTax.

 

Enter foreign tax credit in the search bar at the top of your screen and click the jump to link.  

 

Mutual Fund shareholders are not required to report country by country detail. The code "RIC" should be used when completing foreign country information on Form 1116. See Form 1116 instructions for additional information.  I think various is what taxpayers used previously as the country.  The Form 1116 instructions now say to use RIC for income passes through from a mutual fund or other regulated investment company (RIC) on a country by country basis. 

  

Form 1116 instructions  page 15: 

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