PKCPAMST
Level 5
04-07-2021
11:09 PM
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Here is another suggestion - bypass Form 1116.
If the foreign tax credit amount is no more than $300 for an individual ($600 for married filing jointly), and the entire amount of that individual's gross income from foreign sources consists of passive income, such as dividends, interest, etc., the taxpayer can claim the foreign tax credit on Line 1 of Schedule 3 of Form 1040 without filing a Form 1116.
In Lacerte, use Screen 38.2 Credits, Section Other Credits.