AmyC
Expert Alumni

Deductions & credits

The 1116 requires the source of the income as no credit is allowed with some foreign countries. Along with the source, the amount of income earned in that country is needed before credit can be given for the tax. Mutual funds use the option of RIC for regulated investment company.

 

To claim the credit, see Claiming the Foreign Tax Credit with Form 1116 - TurboTax

 

See About Form 1116, Foreign Tax Credit 

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