No, you won't enter these by adding an individual 1099 DIV. You will need to amend your 2022, 2023, and 2024 returns to report those foreign taxes paid for each of those years. Here is the exact amen...
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No, you won't enter these by adding an individual 1099 DIV. You will need to amend your 2022, 2023, and 2024 returns to report those foreign taxes paid for each of those years. Here is the exact amend process to follow for each of those years.
TurboTax Online (Browser-Based)
Sign In: Log into your TurboTax account.
Select the Year: Scroll down to the section titled "Your tax returns & documents."
Open the Specific Year: Select the year you want to fix (e.g., 2022). You will follow this same process for your 2023 and 2024 returns.
Start the Amendment: Click the link for "Amend (change) return."
Follow the "Amend" Interview:
If you are used the desktop version, , you will need to open up 2022, 2023, and 2024 tax software. From here you will go to federal Taxes, Other Tax Situations, and Scroll down to Amend a Return and select Start.
Steps for entering the foreign taxes paid for each year in each year’s amendment (2022, 2023, and 2024):
Go to Federal > Deductions & Credits.
Scroll down to Estimates and Other Taxes Paid.
Click Start (or Revisit) next to Foreign Taxes.
Answer Yes to "Did you pay foreign taxes... or have credits to use from a prior year?"
You will reach a screen asking: "Do You Want the Deduction or the Credit?"
Select "Take a Credit." (The deduction only reduces your taxable income, whereas the credit reduces your tax bill dollar-for-dollar, which is almost always better).
Click Continue through the "Reporting Foreign Taxes" informational screens.
When asked for the Income Type, select Passive Category Income (this is where most brokerage dividends and interest go).
Add the Country (e.g., India or "RIC" for mutual funds).
Income: Enter the foreign-source income from that year's 1099-DIV (usually the amount that corresponds to the foreign tax paid).
Taxes Paid: Enter the missed amount for that specific year.
Once this is complete, continue clicking Continue until you reach a screen titled: "Foreign Tax Credit Carryovers."
For the 2022 Amendment: This screen should be blank (since this is your first year of missed credits).
For the 2023 Amendment: On this screen, you will enter any "Unused" credit from your 2022 amendment.
For the 2024 Amendment: On this screen, you will enter the combined "Unused" credits from your 2022 and 2023 amendments.