See the TurboTax article below to get started with Form 1116:
Where do I enter the foreign tax credit (Form 1116) or deduction for 2019?
As you go through the steps in the article above and select to take the credit, TurboTax will recognize that you entered foreign taxes paid in the interest income section of your return.
- You will be asked to select the foreign country where the taxes were paid using a drop down menu.
- Then on the next screen click Report Income.
- Select the source of the foreign income (the name of your financial institution).
- Then enter the amount of the interest income you reported that was due to the foreign source.
- If you only had the one source, select 'No' on the next screen and answer the remaining questions in this section.
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