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On the Foreign Tax Credit calculations, it is not the Country of Origin but amount of taxes and the amount of Income designated as being taxed by a foreign country and what is the classification of the income.
Please select "Various" in the drop-down menu selections. See the image below.
I do understand that there is an option to put in various and RIC where needed. However, I still don't understand why there is no option to enter the individual amount for each country. All I am asking is if this is a limitation of TurboTax?
On the Foreign Tax Credit calculations, it is not the Country of Origin but amount of taxes and the amount of Income designated as being taxed by a foreign country and what is the classification of the income.
Thank you KurtL1 and LinaJ2020. With both of your responses I've gone ahead and selected RIC for submitting my foreign taxes paid.
Although your responses are towards the validity of which option to choose, I think TurboTax providing option to select multiple countries and then not allowing option to input values for each of those countries is actually a software bug, but in any case, as long as IRS just needs the total amount and I can provide that using RIC or Various value for country, I am all good.
Thank you both for taking the time to help guide me.
I have encountered the same problem, it doesn't make sense to me that the software asks you to list every country, and then, doesn't allow you to input the data for each individual country. I remain confused as to whether this is a bug in the software, or if I'm simply doing something wrong, or don't understand the US tax code.
TurboTax only allows you to select one country per payer, unfortunately. You might want to sum up the number and put it under one country. Here is the discussion, click here: Multiple countries
We are aware of the issue and have submitted it for further investigation.
Here are the steps:
You will first need to enter 1099-DIV into the program.
Then, you will enter info under "Foreign Tax Credit" section. Follow here:
If you have paid taxes to both foreign and the US tax authorities, the IRS allows you to claim a foreign tax credit on your US tax return. To claim this foreign tax credit, you would need to file a Form 1116 Foreign Tax Credit.
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