Foreign Tax Credit form 1116 glitch?

Forum|Forum|3 years ago
March 8, 2023
1 reply
0 views

I am doing a 1041 trust return. The 1099-DIV from Schwab shows foreign taxes paid from some of the mutual funds. I entered the appropriate information in TurboTax indicating the source of dividends as RIC. During the review, TurboTax takes me to form 1116 part 1, line i - Enter the name of foreign country or U.S. possession. So under column A, I entered RIC. Gross income on line 1a was automatically transferred into the form as $2,544 under column A. After I completed the review, I saved and then previewed the return. Form 1116 is now showing RIC for line i in column A and B. It is also showing $2,544 for line 1a in column A and B. Then it adds column A and B and gives the wrong total ($5,088) rather than the correct total of $2,544. Is there a glitch in the software that is causing this? I tried to manually change form 1116 so that column B will show 0, but the fields under column B can't be changed manually. Thanks for any assistance.

TurboTax Business Windows

Anonymous_

Employee

I have a copy of TurboTax Business and cannot reproduce the results you are seeing in your return.

You might want to try deleting the 1099-DIV and re-entering it to see if the error can be reproduced.

Untitled.png

hntrustAuthor

Employee

I did as you suggested and re-entered the dividends attributed to foreign taxes and am still getting the same error. Is there anyway to override the entries that are placed on form 1116?