Foreign tax credit vs. deduction
You may claim a foreign tax credit or take an itemized deduction for your share of the foreign taxes distributed by a qualifying fund. However, you will usually receive more benefit by claiming a tax credit.
For more information about the IRS requirements to claim a foreign tax credit, refer to IRS Publication 514, foreign tax credit for individuals. (To order, call (800) 829-3676 or download from the IRS website.)
Note: If you can claim a foreign tax credit directly on Form 1040, you do not need to complete the foreign income or foreign qualified dividend income worksheet.