RobertB4444
Expert Alumni

Deductions & credits

@segolden1  You're all good.  As long as the foreign taxes are reported on a 1099-DIV you should be set.  Here are the IRS qualifications for skipping the 1116 this year-

 

You may be able to claim the foreign tax credit without filing Form 1116. By making this election, the foreign tax credit limitation (lines 15 through 23 of the form) won't apply to you. This election is available only if you meet all of the following conditions.

 

  • All of your foreign source gross income was “passive category income” (which includes most interest and dividends). See c. Passive Category Income, later. However, for this purpose, passive income also includes (a) income subject to the special rule for high-taxed income described later, and (b) certain export financing interest.

  • All the income and any foreign taxes paid on it were reported to you on a qualified payee statement. Qualified payee statements include Form 1099-DIV, Form 1099-INT, Schedule K-1 (Form 1041), Schedule K-3 (Form 1065), Schedule K-3 (Form 1120-S), or similar substitute statements.

  • Your total creditable foreign taxes aren't more than $300 ($600 if married filing a joint return).

 

Here is the original IRS publication.

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