LinaJ2020
Expert Alumni

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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