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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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Expert Alumni

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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Highlighted
Expert Alumni

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"

View solution in original post

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