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Deductions & credits
Yes, you can receive the Foreign Tax Credit. Do not enter the taxes paid to India in the 1099-DIV since it was not included there. Instead follow the steps in the link below and notice the question 'Choose the type of income' and select 'General category of income'
- Add a country > Continue to the screen 'Foreign taxes paid in India' >
- Enter your tax paid to India in the box 'Foreign Taxes on Other Income' >
- Continue to the screen 'Taxes paid or accrued' and select 'Foreign taxes were paid' >
- Continue to enter 'Your country of residence' > Continue to the screen to select 'No, adjustments to the foreign tax carryover amounts are not necessary.'
- Continue to answer this question again for AMT > Continue to finish. You will see the credit on Schedule 3 and carried to Form 1040, line 20.
- See the link below for additional information.
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March 10, 2025
7:17 AM