pk
Level 15
Level 15

Deductions & credits

@GanaVK ,  agreeing with my colleague @MarilynG1  for her answer, I would like to point out that if the interest income  from a foreign country is through direct investment  ( like you owning a foreign bank account ) and  not through a broker , the "RIC" or "various" u der source country column is not correct.  In such a case because there is NO 1099-INT or 1099-DIV  ( Foreign entities  cannot use  these forms to report income ) but the income was taxed at source, you have to  declare these as individual items/lines.   Also  you may come under  FBAR and FATCA  regs. depending on the underlying  investment amounts concerned.

I am assuming here that you are a US person ( citizen/ GreenCard /  Resident for Tax purposes).

Please also note  @MarilynG1 's comment about  using the  safe harbor process if your total  foreign taxes  paid is  =< $300  ( $600 if filing jointly ) -- this is advisable also for a different reason ---- Foreign tax credit allowable for the year is limited  by effectively a ratio of total foreign income to world income and almost never will allow 100% for the current year -- the unallowed portion can be  used  for one year earlier or multiple years forward ( but you have taxed  foreign income in those years ).

 

Does this make sense ?