Foreign taxcredit Turbo tax worksheet Box 1h ?

My question pertains to proper value to input in Box 1h of the form 1116 worksheet generated by TT.

My brokerage shows $64,000 of foreign qualified dividend (Passive)for 2023. Is the value inserted here the full $64,000 or is it adjusted by a ratio of .4054?

The way I understand, the form 1116 line 1A is calculated by multiplying the qual div by a given ratio of .4054 . Would this value be the correct value for the worksheet? Just looking for clarification. Ty Rich

posted

Enter the full amount of Foreign Income you received.

The worksheet uses a calculation based on your total income, total foreign income, credits and deductions, etc. so let the program do the calculations. It's different for individual tax situations.

Here's more detailed info on Calculating the Foreign Tax Credit.

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