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Investors & landlords
if filing other than joint you can take a credit for foreign taxes for up to $300 without having to file form 1116. it's $600 if filing jointly.
if you need to file 1116 (ftc exceeds the limit above or you have a category of FTC other than passive)
if you have a breakdown of foreign tax by the fund and qualified dividend by fund an inexact method
would be proration FTC for the fund divided by the total dividend for the fund times the qualified dividend for the fund.
March 18, 2021
12:06 AM