ok.... just went back and noticed that my 1099-DIV for some mutual funds had Box 6 - Foreign Tax Paid - which flowed into TurboTax, but then TT also has a selection of A,B,C, or D -
Which one ?????????
A - Sched A B - Form 1116 C - Form 1116 - select a col - A, B, C D - included in Divs
Select A if you want to use the foreign tax paid as a deduction. Select B and C if you want to get a partial credit for the Foreign Tax paid. Enter the amount of dividends you received in 6.D
tnx for the reply & info - It turned out that TurboTax totalled all the Box 6 entries, and merely placed that number in Form 1040 line 47 - Actually TT also entered same at the very bottom of Form 1116.
The limit for married filing jointly is $600, and ours totalled $425.
It just was not obvious to me what was happening, since the entire 1116 was blank (except for the last line, which I missed).
Have something to add? Share your thoughts — no account required.
Ask the community — no account required