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Deductions & credits
The foreign tax credit is used to reduce your federal tax dollar for dollar if you decide to take the credit rather than itemizing it on Schedule A.
In your composite 1099s, the dividend income from each mutual fund should be listed in detail. Look through the pages, add the fund dividends with foreign tax paid on the lines and enter them in the boxes. If there is no capital gain, it won't be listed. Do not use the number reported in Box 1a on the 1099-DIV form, unless all your funds are international ex U.S.
Based on the foreign passive income, you may or may not be able to use all the foreign tax credits. The unused portion will be carried forward to next year.
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March 5, 2022
7:26 PM