Deductions & credits

On the Charles Schwab Year-End-Summary, you will find the Foreign tax paid and income summary. That lists the foreign tax paid and the dividend amounts.

 

With regard to the foreign tax credit issue.
Go to Forms Mode.

 

The exemption is not utilized if there are any carryovers from TY2020. In the left pane, check to see if you can locate Form 1116 Copy1 and under it the 1116 comp. Wks. If it is there you will see a vertical red line.

If it is not there, then there are no carryovers. Next locate in the left pane Schedule B and under it the Form 1099-Div. Click on it and it will come up on the right pane. You will see the amounts in various boxes, but the important one is box 7, foreign tax paid. If you see it, TT sees it.

 

Next in the left pane locate Form 1040 and click on it to bring it up. Scroll down to line 18. This is the tax before any credits. The exemption credit is on line 20. The important thing is the amount on line 18 minus the amount on line 20 cannot go below zero. Thus if line 18 is already zero, then line 20 is zero. If line 18 is not sufficient to use the entire amount on line 20, then the unused portion will be lost instead of carried over unless special actions are taken which can be provided if needed.