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If you have foreign taxes paid and associated with foreign income , you should be able to claim the foreign tax credit --- just tell TurboTax that you have foreign tax credit to claim ( when you enter 1099-DIV or broker's consolidated statement ) the credit --- if the amount is $400 or less , then you don't even have to fill out a form 1116. TurboTax will do it all for you.
the amount to avoid having to file 1116 is $300 not $400. if married $600
@rajniparu , I stand corrected by @Anonymous , the current cut-off ( for not requiring a form 1116 ) is as stated in his reply. Please note that TurboTax will do the needful and you do not have to worry about whether you need the form or not and/or how to fill it out ( mostly)
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