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Deductions & credits
On 1099 DIV worksheet box 7 you can find the reference to Form 1116.
Line d. Declare your total foreign income (out of the total in BOX 1a) received from this particular source (a brokerage firm, e.g Fidelity), and also enter the foreign tax paid in the first line of Box 7.
Line b. choose the Form 1116 option, which is generate a tax credit, instead of claiming it on Schedule A (option a.). TT generates the form once you choose this option.
Line c. If you have foreign income from more than one country (e.g. Schwab, holding another foreign stock of yours ) then put these different ones in different columns, A,B, C in Form 1116. You will also check off the corresponding columns in 1099 DIV
‎February 24, 2024
5:49 PM