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Foreign Tax Credit: Form 1099-Div Box 7 greater than $600
Good morning. My wife and I (MFJ) have a single (International) mutual fund that states Foreign Tax Paid in box #7 of the 1099-Div. Box #8 says "Various." This year (2019) the amount paid is greater than $600. We would like to take the Foreign Tax Credit. In past years the amount (in box #7) was less than $600. I'm looking for a step by step process that we'll need to follow to take the credit. I understand that we may have to file form 1116. Can anyone assist in this matter please?
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Foreign Tax Credit: Form 1099-Div Box 7 greater than $600
After you have entered all of your income, you will enter the foreign tax following these steps:
- Click on Deductions & Credits.
- Scroll down to Estimates and Other Taxes Paid; click Show More.
- Click Start (or Revisit) beside Foreign Taxes.
- Follow the prompts through this section of the program to elect to take the credit.
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**Mark the post that answers your question by clicking on "Mark as Best Answer"
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Foreign Tax Credit: Form 1099-Div Box 7 greater than $600
After you have entered all of your income, you will enter the foreign tax following these steps:
- Click on Deductions & Credits.
- Scroll down to Estimates and Other Taxes Paid; click Show More.
- Click Start (or Revisit) beside Foreign Taxes.
- Follow the prompts through this section of the program to elect to take the credit.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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