You should have entered a 1099-DIV for the foreign dividends you received and foreign taxes paid before entering the Form 1116. ( box 7 on Form 1099-DIV is where you enter foreign tax)
As you go through the Foreign Tax Credit section, you would enter the amount of foreign dividends you received and the amount of foreign taxes you paid. See steps below:
In TurboTax online,
- Open up your TurboTax account and select Pick up where you left off
- At the right upper corner, in the search box, type in "foreign tax credit" and Enter
- Select Jump to foreign tax credit
- Follow prompts
- Choose the Income Type, select "Passive Income"
- Follow prompts
If you paid taxes on the foreign dividends to both foreign and US government, you may claim a foreign tax credit on a Form 1116 if it's more than $300.
@wendywang
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