Foreign Tax Credit

[RWG1950]

Customer (MFJ) with AGI of $330-K has brought me a 1099-DIV that shows $609 in foreign tax paid.
This tax results from a mutual fund they hold.
Is there a simplified way to fill in this form? Thanks for comments

[kathyc2]

What software do you use?

[RWG1950]

I use Taxwise

[Rapid Robert]

Is there a simplified way to fill in this form? Thanks for comments

As you seem to know, you must use Form 1116 in this situation. It can be pretty simple if you are able to indicate that the country is RIC (regulated investment company).

See this link for more information.

https://www.irs.gov/instructions/i1116#en_US_2024_publink1000105723

[FEDUKE404]

As RR stated, any decent tax software will handle a Form 1116.
The "country" is shown as RIC (usually there is a box to check).
You also may need to enter the amount (if any) of the QUALIFYING dividends included in the total shown on Form 1099-DIV. At higher income levels, Form 1116 will automatically reduce the starting amount otherwise shown on line 1a of Form 1116.
Some states allow a tax credit for foreign taxes paid in a manner similar to taxes paid to another state.