- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
you can either deduct it on schedule A. or take a tax credit.
credit is usually better
if under $300 and if you're single ($600 if filing jointly) no form 1116 is required. if over it is
if you use Turbotax you should be asked about foreign taxes as you are filling out the dividend info
since you're using desktop you can go into forms mode
enter the tax on line 7 of the dividend worshhet
for an itemized deduction check box a
for a credit where your total foreign tax credits exceed the limit
you'll need to complete B, C and D
D is for the amount of the foreign source income included in the dividend. the 1099 should give you some info on this.
‎December 29, 2022
10:03 AM
330 Views