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Reporting foreign tax paid to multiple countries from multiple brokers

I have foreign income from five countries and a couple of RICs, reported by two brokers on 1099-DIVs and two grantor trusts in Grantor Tax Information Letters.  I've already put all of that informtion into a spreadsheet becasue it seemed  logical, and  helped me understand what I was dealing with.

 

Now, my question is, if each of the brokers and trusts paid foreign taxes to the one of the five countries, say Canada, do I report all of that Canadian income and all of those Canadian taxes in the same column on the Form1116?  In other words, should I end up with 1116s with six columns completed (one for each country + one for the RICs), or do I need to report each broker and trust separately and end up with as many as 12 columns on the 1116s?

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1 Reply
AmyC
Expert Alumni

Reporting foreign tax paid to multiple countries from multiple brokers

If all of yours is passive, you will have one form 1116. with a column for each country.  You can sum the foreign income and tax for each country. An 1116 is needed for each type of income as shown in the header of the Form 1116

 

See Instructions for Form 1116 for additional help.

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