I have some 1099-DIV mutual fund forms. The highest box number on the form is 7. After this box is an unnumbered box entitled Foreign source income. How does that amount get reported?
Bill
I have some 1099-DIV mutual fund forms. The highest box number on the form is 7. After this box is an unnumbered box entitled Foreign source income. How does that amount get reported?
Bill
You use it on Form 1116 if you have to use that form (because you have "too much" foreign tax credit, or you want to preserve the credit for a year when you have an income tax liability to use it against) instead of electing to take the credit without filing form 1116.
If your Foreign Tax is less than $300 Single / $600 MFJ you can put it directly on line 47 of your 1040. If it is more than that you must file form 1116 which requires the amount of foreign source Income to compute the allowable tax deduction.
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