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use "various" for countries.
note form 1116 is not required if
1) foreign taxes from passive income don't exceed $300 ($600 MFJ)
2) there are no foreign taxes from the other categories
3) they're reported on Form 1099-DIV, 1099-INT. K-1/3 or other similar statement
4) for dividend income the shares were held at least 16 days
5) you are not filing form 4563 or excluding Puerto Rico sourced income
6) the foreign taxes were legally owed, will not be refunded, and paid to countries that are recognized by the US and do not support terrorism
if 1116 isn't required or filed only enter the foreign tax amount
if form 1116 is not filed you lose any FTC carryovers
Thank you for your response.
I am clear for all (1) through (6), however I think I still have to go through Form 1116 instead of Simplified method.
if 1116 isn't required or filed only enter the foreign tax amount
Even filling form 1116, select Various, and enter the foreign tax amount on 1099DIV?
if form 1116 is not filed you lose any FTC carryovers
Just curious, do you mean losing entire of FTC carryovers from the past years? or it just unused credit of this year ?
In the very first year (2014), I filed a Form 1116, so I believe I lost the right to choose the Simple Method, but if my interpretation is wrong, please point it out to me.
Thank you
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