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How does TT calculate foreign tax credit?
I have a passive dividend income of $4000 from holding a foreign stock. I input this number from1099-div in TT. However, on form 1116 line 1a, it shows a very different number $1600. Why is that? Based on form 1116 form instruction, it seems line 1a should be $4000. Did I miss something? Thanks
‎February 2, 2025
9:10 AM