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Deductions & credits
No, you do not need to file a Form 1116 if foreign taxes is not more than $300. After you enter info under 1099-DIV section, you should see the $22 on Schedule 3 line 1 and Form 1040 line 20.
To enter 1099-DIV in the program, here are the steps:
- Sign in to your account, select Pick up where you left off
- To the right upper corner, under Select, type in "1099div" then Enter
- Select Jump to 1099div
- Follow prompts
- On the 1099-DIV screen, make sure to check the box "My form has info in other boxes" to expand the options
- Make sure box 7 Foreign tax paid is filled.
You only need to file a Form 1116 if foreign taxes paid exceeds $300.
For more information, click here: https://www.irs.gov/instructions/i1116 ( Under Election To Claim the Foreign Tax Credit Without Filing Form 1116)
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‎February 24, 2021
3:11 PM