Form 1116 Foreign Tax Credit

Feb 20, 2011 2 Replies
N

I get a supplemental schedule from Vanguard on Foreign Taxes Paid:


  1. Foreign Tax $
  2. Foreign Income $
  3. QDI Foreign Income $
  4. Foreign Income $ After QDI Adjustment

Which of the numbers (#2, #3, or #4) goes on Form 1116, Line 1a [Gross Income from sources within country shown above]? And does the other two numbers go anywhere on any tax forms?



TIA


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A

Before answering your question, is the total foreign tax you paid this year due to dividend income, less than $300? (Or less than 600 if filing jointly?) If so, no need to even touch or look at form 1116.

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N

Totalled $500, not all from mutual funds.

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