You report your foreign investment income in the same place you would report US investment income. For example, interest on 1099-INT, dividends on 1099-DIV, rentals as rentals, and so on.
Both the credit for
foreign taxes and the deduction for
foreign taxes (if you choose it
instead of the credit) are entered in the same place.
First of all, make sure you've
entered all your foreign income.
Then,
- From within your return, type foreign tax credit in the search box in the upper
right of your screen and select the Jump to link in
the search results.
- Click Continue and follow the instructions.
In most cases, taking the
credit works out better than the deduction. TurboTax helps you decide which one
is best for you when you go through this interview.
