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The foreign tax paid is entered as follows:
Notes:
I could enter my Canada RIF distribution easily, however, I could not find a way to enter the foreign taxes paid to claim a tax credit. Is there a way or should I use a different software to file my taxes?
To claim the Foreign Tax credit:
I am working on my taxes for 2019 and I have a 1099 statement from my financial institute that has some foreign tax to report. Some is for unknown countries and I have a couple showing the country the tax was paid to. How do I report this tax within the tax software. Thank you.
Once you have reported the foreign tax in Box 7 of the 1099-DIV input screen in TurboTax, you need to go to the foreign tax credit section of TurboTax.
Enter foreign tax credit in the search bar at the top of your screen and click the jump to link.
Mutual Fund shareholders are not required to report country by country detail. The code "RIC" should be used when completing foreign country information on Form 1116. See Form 1116 instructions for additional information. I think various is what taxpayers used previously as the country. The Form 1116 instructions now say to use RIC for income passes through from a mutual fund or other regulated investment company (RIC) on a country by country basis.
Form 1116 instructions page 15:
MargaretL,
My wife worked in the UK for a UK company. She makes more than the exclusion amount ($105,900), but she also paid substantial amount of taxes (30%) to the UK government. Can we claim the foreign tax credit? If yes, what number should I enter in the 1116 form? thanks.
There is no Foreign Taxes tab only Foreign Tax Credit and following that and taking a credit only allows me to inter info on dividends and not on RRIF withdrawal
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