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Deductions & credits
First, you would need to enter a Form 1099-DIV. Here are the steps:
in TurboTax online,
- Sign in to your account, select Pick up where you left off
- At the right upper corner, in the search box, type in 1099div and Enter
- Select Jump to 1099div
- Follow prompts
Then you will go through the "foreign tax credit section" to file a Form 1116. Follow steps here:
- At the right upper corner, in the search box, type in "foreign tax credit" and Enter
- Select Jump to foreign tax credit
- Follow prompts
Per IRS, if you have paid taxes on foreign dividend income to both foreign and the US tax authorities, the IRS allows you to claim a foreign tax credit on your US tax return. To claim this foreign tax credit, you would need to file a Form 1116 Foreign Tax Credit. This amount will show on Schedule 3 line 1 and line 20 on Form 1040.
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March 25, 2021
9:14 PM