Question

Form 1116 - completing it a problem

Forum|Forum|6 years ago
March 2, 2020
3 replies
0 views

No text available

TurboTax Live Premier Online

Do you have a specific question regarding form 1116?

Where do I enter the foreign tax credit (Form 1116 ...

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

B

bknc

Hi, I've read that you don't have to complete form 1116 if the amount of foreign taxes paid is under $300, but TurboTax Premier keeps prompting me to fill it out.

D

DeanM15

If your foreign taxes are under $300 ($600 for Married Filing Jointly) you have met one of the requirements for taking the credit without filing Form 1116. TurboTax generally must ask a series of questions to determine you are not eligible.

"You may be able to claim the foreign tax credit without filing Form 1116. This election is available only if you meet all of the following conditions.

All of your foreign source gross income was "passive category income" (which includes most interest and dividends). See c. Passive Category Income, later. However, for this purpose, passive income also includes (a) income subject to the special rule for High-taxed income described later, and (b) certain export financing interest.
All the income and any foreign taxes paid on it were reported to you on a qualified payee statement. Qualified payee statements include Form 1099-DIV, Form 1099-INT, Schedule K-1 (Form 1041), Schedule K-1 (Form 1065), Schedule K-1 (Form 1120-S), or similar substitute statements.
Your total creditable foreign taxes aren't more than $300 ($600 if married filing a joint return)."

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

E

euntiedt6

Turbo tax for 2020 has a software problem that doesn’t allow you to file electronically if you are taking a foreign tax credit and filling form 1116. Tried several times, deleted the form and re-entered it, spent nearly 2 hours on the phone with customer service and no one there is able to fix the problem!

L

linaj20201

As of today, form 1116 is available for both e-file and paper-file. You can try to file it again or delete it first before re-enter.

If you are using the online version,

Open your return, if it's not already open.
In the upper right corner, click My Account > Tools.
In the pop-up window, select Delete a form.
Click Delete next to Form 1116 and follow the instructions to remove the form/schedule.

For year 2020, the amount would be shown on Schedule 3 line 1 and line 20 on Form 1040.

L

lucymeadow

My return continues to be rejected. The reason says to check Foreign Tax source and then on a subsequent rejection it say check date. I've researched on line and found that it's an IRS issue. Other software providers claim to be working on some kind of fix. Has TT software engineers applied the patch or Fix? Last week I deleted 1116 still didn't take Please help I don't want to file by mail due to the size of my refund is over $20,000

A

acharliek

I am having a problem where turbotax is calculating my gross income from all sources as almost double my actual income. I've checked everywhere and can't find any errors. If I delete my 1099 info (stock losses) this error goes away. I reviewed the 1099 information, it's all accurate. I can't figure this out for the life of me. I've spent hours on it. Any help is greatly appreciated.