Foreign Tax Credit: Portion of Dividends and Distributions that was from a Foreign Country

[trhao]

I have some international index funds and ETFs where the 1099-Divs includes foreign taxes paid.

The investment companies either include supplemental information on 1099-Divs and/or have PDFs on their sites that show foreign source income percentages - typically about 80-98% for each investment. 

When reviewing imported 1099-Div info in TurboTax (premier) and it asks for "portion of dividends and distributions that was from a foreign country" ... (I'll be completing Form 1116)

Do I multiply each international funds total dividend by its respective percentage and enter that number(s)?

Thanks,

[LoganathanB · Accepted solution]

Yes, you will multiply each international fund's total dividend by its respective percentages and enter them in Form 1116.