foreign tax credit

[clareb]

I have 2 different 1099-DIV from 2 different accounts, and only one of them was input for my foreign tax credit.  I can not make it put in the info from the other account.  Even though both accounts are listed and populated under the dividend income section.  Any help?

[rogge1722]

TT will support only one country per 1099-DIV.  How many countries do you have?  FYI mutual funds and ETF's are all one country called (RIC); regulated investment company. 

[clareb]

Both of our investment accts had multiple countries like for mutual funds, etc.  So I entered RIC.

[clareb]

I went back and for the country prompt, I tried entering another RIC and also tried "Various", but it still only linked me with the one account.

[rogge1722]

Since you have only one country (RIC), you can combine all income and taxes paid to one 1099-DIV. and go thru the interview only once using a single 1099-DIV.

On a separate sheet of paper, list and add up all the foreign ordinary income and also all the foreign qualified income. Then add up the total foreign tax paid.

Pick one of the 1099's. In box 7 insert the total foreign tax for all the RIC's. Delete box 7 in the other 1099-DIV.

Then go thru the foreign tax credit interview and it will initally ask for the foreign source dividends. Insert the total ordinary dividends for all RIC's. Later it may ask for the foreign source qualified dividends. If it does, enter the total amount for all RIC's. TT will already have the total foreign tax paid for all RIC's from box 7.

[clareb]

Thank you!! ... So when I went in to correct what you recommended, I realized that it had imported some of the boxes from my 1099-DIV s wrong.  So, once I corrected those boxes, the total foreign tax credit then showed  up!  So happy to have that figured out.