Charles Schwab Foreign tax paid Infosys

[johnsantaclara]

Hi there,

In my Charles Schwab tax form, I find a page "Foreign Tax paid and Income Summary" with columns "Foreign tax paid"=15.07, "Dividends Amount"=130 for Infosys Ltd in India. When I imported this form to TurboTax Premier, I am taken to screen with title "Report Foreign dividends" where I entered "Foreign dividends=130".

a) Is the above correct?

b) Should I choose RIC or "Other Source"?

[Mike9241 · Accepted solution]

1) is your total FTC under $300?

2) is it all from dividends, interest and/or royalties (what the IRS refers to as passive income not to be confused with passive income from other sources)? 

3) do you have any FTC carryover from 2019 or prior?

if the answers are yes, yes, no then you do not have to file form 1116

on the 1099 form where the FTC is listed do not link to any 1116 or any column. 

all that's need is box 7 and use various for country box 8

then delete form 1116 using the tools

Open or continue your return in TurboTax.
In the left menu, select Tax Tools and then Tools.
In the pop-up window Tool Center, choose Delete a form.
Select Delete next to the form/schedule/worksheet in the list and follow the instructions.

[johnsantaclara]

Thank you for your response. One follow up question: As the Foreign source income is 130+ from Infosys (via Charles Schwab), is it still ok to choose RIC? Infosys is a company in India. Hence the question. Thank you.