I have a very, very small amount to report for Foreign Tax Paid on my 1099-DIV and TurboTax is prompting me to upgrade to file a Foreign Tax Credit (Form 1116). My questions are:
This form is the only thing preventing me from finishing my taxes. Any insight would be welcome. Thanks in advance.
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other than married filing jointly if FTC from passive sources (dividends, interest) is less than $300 the 1116 is not required. for MFJ it's $600. make sure on the 1099 div the only FTC info entered is the FTC and country - do not link to 1116
Thank you for your response. I fit the requirements you described for the form not being required. To clarify, I am not required to fill in Box 7 for Foreign Tax Paid? I am not sure of any other link.
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