Hi pk:
- The amount I have shown above is just to demonstrate the methodology and logic.
- Is the approach to enter the taxes paid to India in Turbo tax (Per above screen shot as "Adjustment" & as part of "Other Reason") is the correct approach?
- Also, If I am making adjustment for taxes paid on interest, dividends, capital gains...etc. to foreign country as "Adjustment" via Turbo tax screen entries shown above for various income buckets such as Interest income, Dividend...etc.,, do I need to still file Form 1116?
- Further, what is defined as "Safe harbor amount (Ex: Does this amount relate to income from foreign country or taxes paid to foreign country)" and "what is the limit on this amount" and "the implication of being above or below this limit (Ex: Amount above a certain limit mean we need to file Form 1116 and below the limit no need....etc.,,)
Again, Thank you for your input.
