Foreign Tax Credit

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In the past, the Foreign Tax credit was basically a question of did you want the credit or a deduction.  I selected credit, and poof, I had a credit.   For 2022, I'm being asked to enter a bunch of info (Foreign dividend ...I guess vs the part that was tax).   The total is $318......which is over $300.....does that mean I get no credit?  I don't see any credit being applied.  Maybe this is just the first time it's been over $300, as I've always been able to easily click one button and do this.

Thanks so much

[DanaB27 · Accepted solution]

Yes, if you paid more than $300 as a single filer ($600 for married filing jointly) then you will have to file Form 1116. Please see Claiming the Foreign Tax Credit with Form 1116 for additional information.

You can see the Foreign Tax Credit on line 1 of Schedule 3. Please keep in mind that this is a nonrefundable credit and can only reduce your tax to $0.

You might have to review your entries carefully.