foreign tax credit

[TomG1]

My Vanguard consolidated 1099-DIV shows an amount less than $600 (we file jointly) for  foreign taxes paid.    I want to take this as a credit.   I used the "RIC" option for country and indicated that all my foreign tax was reported on the 1099-DIV. 

TT then indicates that "Need to report income" associated with the foreign tax paid.  The 1099-DIV does not tell me what that income is (or how to calculate it).    So,  I continued (clicking "No") without selecting a country to report dividend income.   I then indicated to TT a) that all foreign taxes paid were reported with interest and income only, and b) I had no expenses against or adjustments to foreign income. 

TT then listed my foreign tax credit as the amount of foreign tax shown on my 1099-DIV.   

Question:  Will this credit be correct for my return if I didn't list the foreign income associated with this tax paid? 

[MarilynG1]

You may have supplemental information along with your 1099-DIV that shows (or allows you to calculate) the amount of Foreign Income associated with the Foreign Tax that you paid.

However, If all your foreign-taxed income was 1099-reported passive income, such as interest and dividends, you don't need to file Form 1116, provided that any dividends came from stock you owned for at least 16 days, so you are allowed to take the credit. 

Here's more info on Claiming the Foreign Tax Credit.

@TomG1 

[Mike9241]

the foreign taxes paid are of the passive category. There is an election to skip form 1116 and get the whole amount without filing form 1116 provided you have no FTC of another category and the passive FTC is $600 or less on a joint return. to do this in the FTC section only list the FTC amount  - no other info no linking to form 1116.

[TomG1]

Thanks for checking in about my question.

To be clear, if the Foreign Tax Paid on our 1099-DIV = 263.69, then I can take the amount of 263.69 in Foreign Tax Credit on my tax return.  Is my understanding correct?

Tom G1.

[ThomasM125]

You are correct, since the foreign tax paid as reported on your 1099 forms is less than $600 and you are filing as married-joint, the credit is allowed automatically, to the extent you have income tax due on which to apply it in the current year.