When entering dividends from 1099-DIV I used to enter "Various" in the field for name of foreign country when claiming a foreign tax credit. That field now requires an actual country name, which generally isn't provided on 1099-DIV and isn't very practical when the foreign tax credit is small. Any suggestions? I realize I could just pick a country but am wondering what happened to the "various" choice.
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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.
Thanks for the suggestion. I didn't know this option even existed. Most of my clients that have foreign tax credits are dealing with small amounts, typically < $50, so this would make things a lot easier and deal with fewer diagnostic messages.