sese
Level 2

Help Please - Questions about Foreign Tax Credit (Form 1116)

Hi,

 

First time completing Form 1116 - received dividends from an Employee Stock Plan just above >$300.

 

1) How to find out the source of the Foreign-source Income? (Assuming it's 100% of box 1a because all dividends came from one company stock; and Box 8 is VARIOUS)

 

2) Confirming that Dividends are "Passive Income"?

 

3) "Any foreign source qualified dividends or long term capital gains?" (Assuming it's 100% of box 1b?)

 

4) How come the amount of Tax credits received (~$100) is less than the "Foreign Tax Paid" (Box 7)?  (Received the full Foreign Tax Paid in tax credit from another software - not sure which one is correct cuz I cannot see the actual Form 1116 on Turbotax)

 

Thanks!