Rich Carreiro wrote:
- quote -

Unfortunately it is about $1300 plus about $300
carryforward from a previous year.

scott s.

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"scott s." <75270_3703a[at]csi.xcom> writes:

- quote -

First off, is your total total foreign tax withheld:
* All reported on 1099-INT/DIV
* Less than $300 ($600 if MFJ)

If so, you can dispense with 1116 entirely and report
the full amount withheld directly on the foreign income
tax credit line of Form 1040.

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

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A couple questions on reporting foreign taxes on dividends.

1. the brokerage acct reports a total foreign tax on the
1099-Div. About 30% is from a stock taxed in UK, the rest
mutual funds/ETFs which are taxed all over. Is there any
reason not to just use "various" for all? All my foreign
tax is passive / dividends.

2. The 1116 wants to know about foreign income which the tax
applies to. Some of the tax is on "global" funds having
both US and non-US holdings, but the break out is not
provided in any supplemental tax information. How do you
determine the foreign source income in this case?

3. the 1116 wants to know the date tax was paid. If the
taxes are paid at various points throughout the year
(actually, the pass-though tax is charged at various points
throughout the year when fund dividends are declared) what
date is used? I can't find any reason why it matters,
except for annualized income method of estimated tax.

scott s.

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