The only information I have is:
My 1099 DIV (for all income, foreign and USA) has box 1A of $10k
Box 1B (for all income, foreign and USA) of $5K
The supplemental data I have says that
For box 1A, of the $10K, $2K is Foreign Source Income
For box 1B, of the $5K, $1K is foreign source income
How do I calculate the Foreign Tax Credit?
TT is giving me a default "credit' of $98 but didnt ask me anything about how much foreign income was included in the 1099 DIV.
TT by default is using the exemption and thus it is not necessary to fill out a f1116.
@rogge1722 I am trying to figure out if I benefit further by filling out form 1116 vs taking the default exemption credit.
I am extremely not an expert in this area, but came across this question while trying to understand my Betterment supplemental tax form. You may already know this part, but I believe TurboTax isn't prompting you for more information because you paid under $300 in foreign taxes (your cited figure was $98). That would exclude you from the IRS' guidance on who should file Form 1116.