Yes, you can claim the foreign tax paid on your income tax return. TurboTax will let you know if your eligible and if the credit or deduction is more beneficial.
All you need is your Form 1099-DIV. Both the credit and the deduction are entered in the same place. Enter the 1099-DIV form and you'll be prompted to answer questions about your foreign taxes paid.
In most cases, taking the credit works out better than the deduction. We'll help you decide which one's best for you when you go through this section.
If you choose to take the credit (most people do), we'll attach Form 1116, Foreign Tax Credit if your situation requires it.
Note: You won't be able to take a credit or deduction for taxes paid (or accrued) on excluded foreign earned income or housing. This is because excluded income and housing isn't taxed in the first place.
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