It depends. The link to learn more says you need to report countries, but the IRS allows an exception, especially if your 1099s are from places like Vanguard, Fidelity, or Schwab.
- You can group all foreign dividends from mutual funds or ETFs under the single country code "RIC" (Regulated Investment Company).
- No need to list out several countries. Just create one "Country" called RIC, enter the total foreign income from your 1099s, and the total foreign tax paid.
- The IRS knows mutual funds invest across many countries. Reporting with "RIC" is the standard, accepted way to handle this on Form 1116—no need for a long list of countries.
Once you start working on your foreign tax credit, there will be one contry listed, which is RIC. When you select report income, there will be three check boxes to check. Then the program will have you verify the foreign income, earned from the dividends, for each check box.
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