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?
After you have entered all of your income, you will enter the foreign tax following these steps:
After you have entered all of your income, you will enter the foreign tax following these steps: