Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
W
whanig
March 1, 2023
Solved

What causes TTax to require completion of form 1116 for a trust return (form 1041) when I didn't report foreign taxes paid?

  • March 1, 2023
  • 1 reply
  • 0 views
No text available
Best answer by ThomasM125

You need to find Schedule B of Form 1116, Foreign Tax Credit. The carryover amounts by year are listed on line 8. You will be asked to enter them by year when you go through the foreign tax credit section you mention or they may already be populated. If the carryover amounts are populated, you may still need to answer some questions.

 

Here is a link to Schedule B of form 1116, so you can see what it looks like:  Form 1116 schedule B

1 reply

T
ThomasM125
March 1, 2023

That would normally happen when you have a carryover of unused foreign tax credit from the previous year. If you don't have that and no foreign taxes paid in the current year, you can go to the forms mode and delete the form 1116 in your program.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
W
whanigAuthor
March 3, 2023

Where would I find a carry over of a foreign tax credit in the 2021 return? There was no foreign tax paid for 2022. Huge thanks for your help!

T
ThomasM125Answer
March 3, 2023

You need to find Schedule B of Form 1116, Foreign Tax Credit. The carryover amounts by year are listed on line 8. You will be asked to enter them by year when you go through the foreign tax credit section you mention or they may already be populated. If the carryover amounts are populated, you may still need to answer some questions.

 

Here is a link to Schedule B of form 1116, so you can see what it looks like:  Form 1116 schedule B

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

    Unlock tailored help options in your account

    Create an account
    TurboTax Expert Assist
    TurboTax Expert

    Get answers to all your tax questions

    Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

    Terms & ConditionsAccessibility statement
    Intuit
    TurboTax Credit Karma QuickBooks MailChimp

    ©1997-2022 Intuit, Inc. All rights reserved.
    Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
    of Intuit Inc. Terms and conditions, features, support, pricing, and service options
    subject to change without notice.

    Security Certification of the TurboTax Online application has been performed by
    C-Level Security.

    By accessing and using this page you agree to the Terms of Use.

    Accessibility

    TRUSTe nResult Certified e-File C-Level Security Certification