Two named countries. (I'm tempted to try to satisfy TT by combining them (they are reported on the same brokerage account consolidated 1099-DIV) and designate "various". If TT accepts it, I'll just deal with the IRS if they complain. Shouldn't change my entitlement to a full tax credit.)
None of the answers to date have addressed directly my confusion about how many copies of a 1116 I need to prepare. To summarize my inputs:
1099-DIV #1 is from a large U.S. mutual fund company. Each mutual fund in my portfolio with that company has a separate row. 1 mutual fund reported box 7 foreign income tax paid. That mutual fund is a RIC. and the foreign tax paid is $306.65.
1099-DIV #2 is a single row consolidated brokerage account tax package document combining data from every security in the account. The only information provided on the 1099-DIV pertaining to foreign taxes paid is a single, consolidated box #7 entry and below the actual 1099 is a table listing each individual security in entire brokerage account and lists by security the date and dollar amount of each domestic and foreign dividend distributed as well as the date and dollar amount of each foreign tax payment by each security. Five securities paid foreign taxes. Those 5 are: (a) 3 U.S. mutual funds (RICs) and the combined foreign tax paid by those 3 RICs is $198.34; and (b) 2 foreign owned companies, each of those companies categorized by the name of the foreign country where they are located. The security located in one of those countries paid foreign taxes of $79.87 and the security located in the other country paid $132.98 in foreign taxes.
In summary, the foreign tax paid as reported on 1099-DIV #1 is $306.65 and the sum of all foreign taxes paid as reported on 1099-DIV #2 is $411.19.
Someone please tell me how to properly allocate the foreign tax information for these 6 securities among how many form 1116s, knowing that the dollar amount in copy 1 needs to be the largest. There are so many permutations and combinations!
