I own Swiss company stock (e.g. Novartis) in two different accounts - one account is overseas (no 1099), and the other is a US-based brokerage that issues a form 1099-DIV. The overseas account paid dividends and withheld taxes in CHF (Swiss Franc). The US brokerage paid dividends and withheld taxes in US dollars.
How do I enter this onto Form 1116? Can I enter the country of Switzerland 2 times as columns on Form 1116 - once for entering the US Dollar information reporting on my 1099-DIV (Date Paid defaults to "1099 taxes" on Part II) and the second time using the dividends and taxes withheld overseas in CHF?
The amount of taxes withheld a country on Part II is supposed to be entered EITHER in US Dollars (if withheld in dollars) OR in the Foreign Currency with an Exchange Rate explanation for its conversion into US Dollars. Using Switzerland twice would allow the entry of taxes withheld in USD to be separate from the taxes withheld in CHF and converted to USD equivalent.
Trying to enter both the US dollar taxes withheld AND the CHF taxes withheld in the same country column on Part II results in a seemingly incorrect exchanges rates (too little CHF was withheld overseas to represent the total US dollar amount withheld by Switzerland when I combine the taxes withheld at both accounts).
