Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
jmesrobian75
New Member

Can I allocate foreign dividends between both RICs and other sources in TT for purposes of the foreign tax credit? How do I do this as TT only allows one allocation?

 
3 Replies
MaryK1101
Expert Alumni

Can I allocate foreign dividends between both RICs and other sources in TT for purposes of the foreign tax credit? How do I do this as TT only allows one allocation?

A separate Form 1116 is required for each Category of income, so if the other sources are passive income, they must be included on the passive income 1116.  If you have more than one category of income, you can add it in TurboTax.


See Filing IRS Form 1116 to Claim the Foreign Tax Credit

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
jmesrobian75
New Member

Can I allocate foreign dividends between both RICs and other sources in TT for purposes of the foreign tax credit? How do I do this as TT only allows one allocation?

Thanks.  I am finding that TT is very difficult to navigate in terms of adding and navigating separate 1116 forms, particularly when you have three different investment accounts with foreign source passive income from both RICs and individual investments.  The TT system is opaque here.  

jmesrobian75
New Member

Can I allocate foreign dividends between both RICs and other sources in TT for purposes of the foreign tax credit? How do I do this as TT only allows one allocation?

this doesn't answer the question.  Let me be clearer:  On one 1099, I have foreign taxes paid from both RICs and from individuals stocks.  If these were separate 1099s, then they could be entered separately in TT.  But since they are on the same 1099, I have  found no way for TT to allow for both entries to be made for that one 1099.  Unless you know a way to do it.  Thanks.

Dynamic AdsDynamic Ads
Privacy Settings
v