On the 1099-Div I received from my Financial Advisor there is an item titled " foreign tax paid= $436.86 ". Do I need to include this in my return and how so?

[DianeW · Accepted solution]

Yes, you have the option of claiming a credit (dollar for dollar tax reduction) or a deduction on itemized deductions.

When you are entering your Form 1099-DIV please follow the steps below.

1. Click on Federal Taxes (Personal using Home and Business)
2. Click on Wages and Income (Personal Income using Home and Business)
3. Under Interest and Dividends select Dividends on 1099-DIV click the start or update button

On the screen Let's get the details from your 1099-DIV or brokerage statement click on the box labeled My form has info in more than just these boxes (this is uncommon)

TurboTax will then ask you questions about the foreign taxes you paid leading to the foreign tax credit.