Form 1116

[IndyLap21]

I have greater than $600 foreign taxes paid all from RIC investments and am required to complete form 1116.  Under what section/column do I report the foreign taxes paid on RIC investments.

thanks

[pk]

@IndyLap21 , generally under  Deductions & Credits tab, and then from the list of deductions/credits  choose/select  "Foreign Tax...".

Note that  form 1116  recognizes your total foreign tax  dollar for dollar but limits  your allowable  foreign tax credit for the tax year to lesser of actual taxes paid  and  that imposed/levied by US on the same doubly taxed income.  Thus it is sometimes better ( taxwise) to  recognize ONLY the safe harbor amount ( US$300  for single and US%600 for MFJ ) and thus avoid the limitations of form 1116.

Is there more I can do for you ?