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March 9, 2024
Question

Foreign Tax Credit

  • March 9, 2024
  • 1 reply
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I am using Turbotax Premier  for tax year 2023.  I have entered $30.42 Foreign Tax Paid as reported on my F 1099 DIV into Turbotax.  But Turbotax does not put it anywhere in my tax return.  I would like to take a credit for it on F 1040 line 20 (from Schedule 3) as Turbotax did last year.

    1 reply

    March 9, 2024

    since this is less than $600 and of the passive category, you can forgo filing form 1116

    on the 1099-DIV just enter the FTC  nothing else about the FTC in boxes 7 and 8  - don't link it to form 1116