Foreign Tax Credt

[dengregg]

I have read other posts about the carry-over problems with foreign tax credits but my problem is more fundamental in the software.  TT asks you to list the countries AND the RIC that have withheld foreign taxes, but it doesn't recognize that a 1099 Div from a brokerage company can have both kinds of foreign taxes, both for individual stocks and mutual funds that have foreign holdings.  Because of this, it is impossible to enter the necessary data as it defaults to RIC.

[Mike9241]

for RIC dividends foreign countries are not needed. for the other your choices are

1) just combine the FTC, foreign income amounts and use various for the country - just one column on the 1116

2) use one 1099-Div for RIC and then create separate 1099-DIVs for each other country reporting their respective credit and income. One column on the 1116 for each and multiple 1116s may be required. the only purpose of this is there may be special limitations on the FTC from certain countries so that's why the iRS wants to know them.  you can read the 1116 instructions to see if any of yours are among them. if not I suggest option1