Thanks for the detailed and quick response!
Just a couple follow up questions to make sure I understand:
- I can just claim $300 vs. the actual foreign tax paid to simplify the process?
- "Also note that the foreign tax credit can only reduce your US tax liability i.e. it is not a refundable credit -- this can also limit how much credit you can get" Does this mean the credit can only reduce US tax liability on the foreign income? (What does "not a refundable credit" mean?)
- "Most foreign dividends are ordinary dividends --- rarely will be qualified dividends" My Box 1a (Ordinary dividends) and Box 1b (Qualified dividends) are actually the exact same number
- Another software just used the full "Foreign Tax Paid" as credits on Form 1116 - I noticed if I change the amount to $0 on TurboTax for "Any foreign source qualified dividends or long term capital gains? - the results become the same. Still unsure where to find this number for this one
- Maybe a different topic question - I received the dividends from an Employee Stock, why would Box 8 be VARIOUS?
Thanks!
