How to Pay Foreign Tax on Stocks in Other Countries?

[factotum]

I have a brokerage account with stocks from an ETF in two different countries, and I paid $4 in foreign taxes on the dividends. While I was figuring out whether to claim it as a foreign tax credit or not, I accidentally listed it as an itemized deduction, which added $4 to the amount due in federal taxes, and I am having trouble changing it back. Is there a way to undo it, and what are the steps in claiming it as a foreign tax credit?

[DaveF1006]

Yes, Go to:

• Tax tools
• Tools
• Delete a form
• Delete all form 1116 and any worksheets associated with it.
• If using the software, go to the form mode in your return and delete form 1116 from here.

Now go to the income Section and report the 1099 DIV and enter $4 in Box 7 of the 1099 DIV. Since this amount is less than $300 or $600 if filing Married Filing Jointly, you don't need Form 1116. $4 will appear on your return as a credit.