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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!
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‎April 3, 2022
10:56 AM