Yes. You will need to return to the Foreign Tax Credit interview to do it. Both the credit for
foreign taxes and the deduction for
foreign taxes (if you choose it
instead of the credit) are entered in the same place.
First of all, make sure you've
entered all your foreign income.
Then,
- From within your return, type "foreign tax credit" in the Search box in the upper
right of your screen and select the Jump to link in
the search results.
- Click Continue and follow the instructions.
In most cases, taking the
credit works out better than the deduction. TurboTax help you decide which one
is best for you when you go through this interview. You won't be able
to take a credit or deduction for taxes paid on excluded foreign earned income
or housing because excluded income and housing isn't taxed in the first place.
