Taking Foreign Tax Credit for Foreign Taxes Paid

[breedyd]

Since I have foreign taxes paid on my 1099-DIV, I wanted to take this as a credit on my taxes.  Unfortunately, for two of my investments, I can't determine the foreign source income, which is a piece of data that TurboTax asks for.  Can I skip this entry or is it required information by the IRS?

[LinaJ2020 · Accepted solution]

For investment, you can choose the "Passive income" category as the source.  

[breedyd]

Thanks!

[scraper822]

Want to take credit from 3 countries & Turbo Tax just gives one and keeps erasing the others What shall I do?

[scraper822]

Don't even get that choice

[hmlt]

I answered all questions asked, but the credit won't show on the credit and deduction page.

I had the same problem last year. I was told the problem caused buy entering datas from my brokerage electronically. The supporter ended doing it for me, but he did not tell me how to do it.  Could you help?

[hmlt]

Where could I found the "passive income" source? On which page?

[LinaJ2020]

Here are the steps: 

In TurboTax online,

• Open up your TurboTax account and select Pick up where you left off
• At the right upper corner, in the search box, type in "foreign tax credit" and Enter
• Select Jump to foreign tax credit
• Follow prompts
• On screen, "Tell Us About Your Foreign Taxes", read very carefully before check your boxes
• (First box says -you have no more foreign taxes to enter other than the 1099-DIV, 1099-INT, 1099-OID or a Schedule K-1)". 
• Follow prompts
• Choose the Income Type, select "Passive Income"
• On screen, "Country Summary", add a country to continue
• Follow prompts
• On screen, "Foreign Taxes Paid", under foreign taxes on Other Income, enter the amount