Form 1116 is only capturing foreign tax credit info from one of three 1099-DIVs. How do I fix this?

[kargelz]

I have three 1099-DIVs from three different brokerages. They all have foreign tax paid in box 7. I have followed the guided questionnaire and entered foreign dividends and designated the country as RIC for all three. But Form 1116 is only capturing the tax credit from one of the three 1099-DIVs. How do I fix this?

Note: On the "tell us about your foreign dividends" screen, I have tried categorizing it both as "Mutual Fund/RIC" and as "Other source > RIC," but neither one appears to work correctly.

[DaveF1006 · Accepted solution]

My suggestion is to link it to one 1099, manually type in the sum of all foreign dividends from all three 1099s, and the sum of all foreign taxes paid from all three 1099s. 

Form 1116 doesn't actually care which brokerage the money came from; it only cares about the Type of Income (Passive) and the Country (RIC). By summing the three 1099s into one "RIC" entry within the Form 1116 interview, you bypass the software's struggle to "link" three different 1099-DIV forms to one column on the tax form.

[kargelz]

For the record, I later discovered that Turbotax was assuming I wanted to deduct the foreign tax paid on the second and third 1099-DIVs, even though I had specified that I wanted to claim the tax credit for the first one. Fixing this allowed TT to correctly sum the foreign tax paid amounts in a single column of Form 1199. To fix it, I went to form view and selected the two "problem" 1099-DIVs one at a time in the left sidebar. I then scrolled down to Box 7, double-clicked in 7b to link the 1099-DIV to copy 1 of Form 1116, and selected column A. After doing this, it all added up as it was supposed to. (Note: All three of my 1099-DIVs were RICs, so it all went in one column; if you have more than one "country," I *think* you'll have to use more than one column.)