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Form 1116 - Foreign Tax Credit Comp Wks Error

Forum|Forum|4 years ago
March 22, 2022
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I paid $460 in Foreign Taxes in 2021 via my investment brokerage account and this shows up on my 1099-INT from there. I am filing a Married Joint return using TurboTax Premier. Although I am taking the Foreign Tax Credit, I should not need to file a Form 1116 since it is below the $600 threshold and therefore don't understand why I'm getting a worksheet error.
The error showed 3 options: No Entry, Paid, and Accrued on the Foreign Tax Credit Comp Worksheet. The No Entry option was checked. When I checked the Paid option, and the error went away. I just want double check that I chose the correct option. Thanks in advance.

Best answer by DaveF1006

Yes, that was the correct option you took because the taxes were paid. As far as the Form 1116 appearing in your return, are you filing Married Filing jointly or Single because the Form 1116 reporting threshold is $300 single and $600 filing jointly.

DaveF1006Answer

Yes, that was the correct option you took because the taxes were paid. As far as the Form 1116 appearing in your return, are you filing Married Filing jointly or Single because the Form 1116 reporting threshold is $300 single and $600 filing jointly.

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