I have a foreign stock ADR with $30 dividend and $4 foreign tax withheld reported on 1099-DIV. That's my only foreign income. If I don't want to deal with Form 1116 or Form 1040 schedule 3, is it allowed to just keep the $30 in total dividend but enter 0 for foreign tax when entering 1099-DIV in software and give up claiming the $4 foreign tax credit ? Thanks
You'll need to sign in or create an account to connect with an expert.
I have similar question. I wonder why the tax people in the community didn't ever comment. I bet it got lost in the mix so this may push it forward again. People wouldn't want a Schedule 3 if it forces them to move up from free edition to Deluxe just for a couple of dollars.
Don't enter anything for the $4 FTC, not even zero.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
user17783033841
Level 1
swroh97
New Member
liznpat2003
New Member
mlniemiec
Returning Member
phyllipbarbour121212
New Member