Question

Amending return (completed by CPA but w/ errors) that has a foreign tax credit - issue is amount on line of 18 of form 1118 isn't equal to line 15 of the 1040 - why not?

Forum|Forum|2 years ago
August 7, 2023
1 reply
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Over 1/3 of total income is from dividends and all foreign income is "passive" - Form 1118 is required because foreign tax is more than $300 for a single person

TurboTax Online

D

dmertz

Employee

I think you mean Form 1116. I suggest reviewing the instructions for Form 1116 line 18 and the Worksheet for Line 18 to see if that sheds any light on your question: https://www.irs.gov/pub/irs-pdf/i1116.pdf

T

TaxhoundAuthor

You are correct, my typo - Form 1116 was the basis of my question. Thx for your guidance but not understanding the calculation on the worksheet....I will spend some additional time and maybe I can figure it out - I was thinking one of the many experts would be able to provide an explanation about what I am seeing due to having seen it on other returns.