In my brokerage portal tax form, there is a "Summary of Foreign Investments
This section displays a summary of your foreign dividends and interest received, and the amount of foreign tax paid to each jurisdiction. This section may be relevant when completing IRS Form 1116
(Foreign Tax Credit), if applicable. The dividend and interest transactions from which these amounts are derived are displayed in the 1099-DIV and 1099-INT detail sections of this Consolidated Tax".
What should I do with this info in TT?
It may be relevant as the foreign tax credit is a credit against your federal income tax, so it is not directly related to your itemized deductions. There is a foreign tax deduction that would be an itemized deduction, but what you mention is a credit, so you may get that even if you don't itemize your deductions. If the foreign tax is less than $600 (filing joint) or $300 (filing single) it may be credited to your tax automatically without you completing the foreign taxes section in TurboTax.
You are correct. If you need to file the 1116, you will select either Regulated Investment Company if that is how you are invested or you will select the countries involved.
Follow these steps:
Most people select the tax credit but you can try the deduction and see which is better for you. See Where do I enter the foreign tax credit (Form 1116) or deduction?
is this something mandatory to do?
It is probably not a lot of money involved.
Should I just use the standard deduction and disregard this section?
No, it's not mandatory to claim the Foreign Tax Credit, If your Itemized Deductions (including the credit) are less than the Standard Deduction.
Here's more detailed info on Claiming the Foreign Tax Credit.
I am at one of the guided steps using TT...
It is saying I got some credit because of Foreign Income and Tax section info I input earlier.
It just few bucks...
Will this likely be not relevant later on in the next TT steps, since I am going to likely use the standard deduction?
It may be relevant as the foreign tax credit is a credit against your federal income tax, so it is not directly related to your itemized deductions. There is a foreign tax deduction that would be an itemized deduction, but what you mention is a credit, so you may get that even if you don't itemize your deductions. If the foreign tax is less than $600 (filing joint) or $300 (filing single) it may be credited to your tax automatically without you completing the foreign taxes section in TurboTax.