Filing Status Single.
I entered the 1099-DIVs and have more than $500 entered in Box 7 as Foreign Tax Paid. The entire amount is Passive Income from RIC's. TT is asking for information for Form 1116, Part I, h, Qualified Dividends and LT Capital Gains.
Where do I find this info?
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Both the credit and the deduction are entered in the same place. Here's what you do:
In most cases, taking the credit works out better than the deduction.
We'll help you decide which one's best for you when you go through this section.
If you choose to take the credit (most people do), we'll attach Form 1116, Foreign Tax Credit, if your situation requires it.
Note: You won't be able to take a credit or deduction for taxes paid (or accrued) on excluded foreign earned income or housing. This is because excluded income and housing isn't taxed in the first place.
From: Where do I enter the foreign tax credit (Form 1116) or deduction?
Foreign long term capital gains are derived from the broker's supplemental information. The capital gains are any amount form the 1099-DIV box 2a that are foreign.
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