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Foreign Tax Credit Interview does not address qualified dividend.

When prompted for foreign source income, it does not ask how much is qualified dividends.  Do I need to make this adjustment somewhere else?
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2 Replies

Foreign Tax Credit Interview does not address qualified dividend.

Sorry if this sounds like stupid questions but I was hoping that Turbotax would give better instructions for entering information for form 1116.  I continued on in the interview  and realized that they do prompt you for an amount for foreign qualified dividends in the Simplified AMT Method section.  My 1099-Div shows 100% qualified dividends (same number in 1a and 1b).  The fiduciary for the investment firm does not provide country information on the 1099-DIV.  Some years they break out one country and lump the rest into other.  Would I be correct using RIC and entering the summary numbers?  I see I can also select various.  I'm embarrassed to say I do not know if my investments are with RICs or not.   I sent an email to my account manager to ask.  

KathrynG3
Expert Alumni

Foreign Tax Credit Interview does not address qualified dividend.

Yes, you can use RIC and enter summary numbers. For foreign qualified dividends being reported on Form 1116, reporting various may be more inclusive to your circumstance, but RIC can be used, as well. 

 

 

You are already at Form 1116, but for your reference and for potential further troubleshooting, this article provides some additional guidance: Where do I enter the foreign tax credit (Form 1116) or deduction for 2020?

 

 

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