Re: Foreign Tax Credit

tetertax · ‎03-10-2023

I am entering Dividend Income from an Edward Jones statement. There is (minimal) foreign tax paid but Edwards Jones doesn't specify the country the funds are related to. PLEASE HELP!

sjrcpa · ‎03-10-2023

Elect out of doing the 1116.

If you still need something is RIC a choice?

The more I know the more I don’t know.

tetertax · ‎03-10-2023

How do I elect out of it?

sjrcpa · ‎03-10-2023

I don't use ProConnect so I don't know.

The more I know the more I don’t know.

itonewbie · ‎03-10-2023

If your client is eligible, you can follow this to elect out: https://proconnect.intuit.com/community/proconnect-tax-discussions/discussion/re-how-do-i-make-the-e...

Otherwise, as suggested by Susan, you should select RIC as the country or "Other Country (Various) = OC".

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Foreign Tax Credit

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