I entered INTEREST and WITHHOLDING TAX on foreign account on Box1 & 6 for 1099-INT.Is this correct?Is withholding tax considered foreign tax paid and eligible for credit?

Anonymous · ‎June 1, 2019

I have a foreign savings account that earned minimal INTEREST and WITHHOLDING TAX (15% on interest earned). Since I don't have a 1099-INT for a foreign account, I entered the numbers on box 1 and 6, respectively, on 1099-INT. I noticed this added a foreign tax credit (and Form 1116) on a dollar-to-dollar basis. Is this correct? Is withholding tax considered foreign tax paid and also eligible for credit on both my federal and state return? I wanted to make sure I don't claim incorrect credits on these withholding taxes.

I entered INTEREST and WITHHOLDING TAX on foreign account on Box1 &amp; 6 for 1099-INT.Is this correct?Is withholding tax considered foreign tax paid and eligible for credit?

I entered INTEREST and WITHHOLDING TAX on foreign account on Box1 & 6 for 1099-INT.Is this correct?Is withholding tax considered foreign tax paid and eligible for credit?