Introduction to Form 1116
Ryan, who is single, received Form 1099-DIV that shows $29 of foreign taxes paid. According to Ryan, he received no other foreign source of income and paid no other foreign taxes. The dividends were paid on shares of a mutual fund that he owned all year. He is eligible to claim the $29 foreign tax credit on Form 1040, page 2, and does not have to file Form 1116.