how do i determine foreign income for form 1116 regarding foreign taxes paid on a 1099-div

[tuxedorose]

im pulling my hair out trying to figure out how to answer the Question for foreign source income when trying to complete the form 1116.   e.g. I have Charles Schwab 1099-div showing $10,000 of ord div and $700 foreign tax paid. 

[rogge1722 · Accepted solution]

Under Schwab's  "Tax Year 2019 Year-End Summary", under supplemental information, look for "Foreign tax paid and Income Summary."  It will display the companies, country, foreign tax paid, and the dividends amounts.

[tuxedorose]

thanks. I found it , way in the back of my 1099-div.    for my Schwab acct i have about 10 seperate funds  each one is labeled "RIC" but when I run turbotax, should i enter "RIC" or can i just enter "VARIOUS and just have 1 line item rather than 10 ?

also  I am amazed at how complex form 1116 is .

Im not sure how to deal with carry back / carry forward. last year an account prepared my 2018 return. I can see a part III credit carryback/ carryforward  page  and another page labeled AMT.   it seems that we used Passive income of the non AMT part III page  and entered in on line 10 of Part II.     this passive income amount was the lower of the 2 (non amt vs amt).      does this make sense?  how did all this carry back/fwd get calculated and how do i know if i have any left?  

[PS56k]

Same here - 2020 tax year

Have Schwab 1099 and it lists -

Ishares Core MSCI  .... RIC .... $0 paid in 2020 .... $199 paid in 2021 for 2020

SO... as mentioned, the Form 1116 is a long and winding road.
Where exactly do we put the $199 Foreign Tax Paid,
and any other "info" that it wants ????

[rogge1722]

The foreign tax paid is included in the 1099-DIV box 7 and TT sees it.  If that $199 is the only amount in box 7, then TT will automatically implement the $300/600 exemption and post it in schedule 1 and then into the 1040 line  20.  If box 7 exceeds the exemption, then the income etc. will be entered into the screens during the foreign tax credit interview.