Confused about foreign tax paid 1099-DIV and IRS Form 1116

[pomme4argent]

I own some US-based ETFs that hold stocks in foreign companies, such as the Vanguard VEA ETF. The 1099-DIV statements from these ETF's indicate that I have paid $1,073 in foreign taxes. I have entered this amount in TurboTax, and I can see that it appears in Box 7 on the Form 1099-DIV-Worksheet.

Do I also need to enter this information on from 1116?

[AmyC]

Yes, you need to file form 1116 to calculate your foreign tax credit. Tax below $300 or $600MFJ, do not have to file Form 1116.

Most people claim the credit rather than the deduction.

Use/ select RIC for regulated investment company since that is how you earned your income rather than selecting a country.

Reference: Claiming the Foreign Tax Credit with Form 1116 - TurboTax

[pomme4argent]

Thank you!