2020 Foreign tax credit dividends no longer working with VARIOUS used for all countries on 1116 (ie for small credit from multiple countries on broker 1099). Worked 2019 and prior.

[busyseasonbob]

Input form not working when you use various for country.  For broker 1099s that have minor withholding on Dividends from multiple countries. Lacerte not taking Various  in 2020 but you could input it in 2019 and prior lacerte. 

[George4Tacks]

Scroll down the list of countries to the bottom and select OC=Other Country

[busyseasonbob]

Thanks,  I saw the OC but I prefer Various since all the countries for my clients are on the list of main countries.   Don't know if there is a negative to saying other country rather than various or multiple countries  (ie perhaps countries not listed don't normally have corporations issuing dividends or some other negative I am not aware of).  OC works so I will use it until/if  lacerte brings back the various option.

Appreciate your input.

[George4Tacks]

Apparently someone actually read the instructions and it seems the RIC is correct choice. Page 15 of the instructions:

You don't need to report income
passed through from a mutual
fund or other regulated
investment company (RIC) on a
country-by-country basis. Total all
income, in the applicable category,
passed through from the mutual fund or
other RIC and enter the total in a single
column in Part I. Enter “RIC” on line i.
Total all foreign taxes passed through
and enter the total on a single line in
Part II for the applicable category.

[BobKamman]

What's your definition of "minor withholding" ?  If it's less than $300 ($600 on a joint return), you generally don't have to complete Form 1116 or list countries.  

[itonewbie]

But there is no option for RIC in Lacerte/ProConnect Tax (and Intuit's not alone in this).  Using "Other Country = OC" will suffice.

As Bob says, if your client is eligible for §904(j) election, there's no need for F.1116.