I have 800 dollars paid in Foreign taxes for Dividends received from Foriegn Stocks and ETF's in my Fid brokerage account Fid provides the supplemental data on this. This 800 exceeds the 300 dollar amount for Not filling out the 1116? In turbotax program turbotax doesn't seem to acknowledge this 300 dollar threshhold . While it lets you choose all the countries and RICs involved on a Web page, after entering it doesn't take you to filling out the 1116 form for each country or RIC category? Why doesn't the program acknowledge you have exceeded the 300 dollar threshhold and take you to the appropriate 1116 forms that need filling out . Am I misunderstanding this or is 300 the maximum claim you can make as a single person and so I don't need to fill out the 1116 at all.
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You can use the full amount of your foreign taxes paid to apply for the foreign tax credit. Since it is over $300 in your case, you will need to complete the Form 1116. You need to follow these steps to enter your foreign taxes in TurboTax and assign the associated income to the appropriate country:
First, you enter the Form 1099-DIV that should report foreign taxes paid, in box 7. If you are single and your foreign taxes on dividends and interest is under $300 ($600 if married filing joint) this is all you need to do, as you will get the foreign tax credit automatically. If it is over that amount you need to go to the Estimates and Other Taxes paid section in the Deductions and Credits area of TurboTax to assign your foreign income to a country.
Choose the Foreign Taxes option under Estimates and Other Taxes Paid, in the Deductions and Credits section of TurboTax:
If your only foreign taxes were reported on your 1099-DIV or 1099-INT or similar statements, choose that option on the screen that says "Tell us About Your Foreign Taxes:
Then, indicate what country you received the income from and enter the income amount.
Once you do that, the Form 1116 should be generated on which your allowable foreign tax credit will be calculated. You will see your income allocated to the different countries on Form 1116:
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