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When you are over the $600 threshold, you are technically required to report income and taxes by country. However, for a 1099-DIV from a brokerage, there is a widely accepted practical approach:   For her 1099-DIV: Since it only contains mutual funds/ETFs (RICs), continue to use RIC as the country. For your 1099-DIV: If the individual countries are listed but the amounts are small, many taxpayers use the "VARIOUS" or "RIC" designation for the entire form to avoid creating 20 different 1099-DIV entries. Yes, you should choose the Simplified Election because it lets you use your regular tax numbers for the AMT calculation. This saves you a lot of paperwork in the long run.    TurboTax asks about a carryback because you are now over the $600 limit.   In previous years (under $600): You were prohibited from carrying over any unused credit.  This year (over $600): You are now subject to the "Limit." If your $775 in taxes paid is more than the limit calculated on Form 1116, you can carry that "extra" money back to last year or forward to next year.  You aren't eligible for a carryback to 2024 because in 2024 you used the "under $600" election, which explicitly forbids bringing carryovers into that year. You should focus on the carry-forward (saving the extra credit for 2026). This illustrates the concept of FTC limitations. In answer to your previous question, The AMT simplified election is not the same as the FTC limitation that you illustrated. Selecting the simplified election will not prevent you from using a FTC carryover for ten years, starting with the 2026 tax year.