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Deductions & credits
I did my annual foreign tax credit ordeal and this year I just consolidated all of the dividends and all of the withholding taxes into a single entry ( let's say Germany). It worked. Then , my only problem was that there seems to bee a requirement in the 1116 form for tax basis entries for which no data entry is called out by the software. It will come up when you do your review. Since my foreign dividends were from 5 different accounts ( 4 grantor trusts and a joint account), this took another 30 minutes since they want your total tax basis and then the portion that generates foreign income, whether or not there are withholding taxes ( UK, for example, does not withhold taxes on dividends). Good luck.
‎April 8, 2021
2:55 PM