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February 19, 2020
Question

I entered Foreign Tax Paid in (Box 7) from form 1099-DIV on dividend page. It will not show on schudule 3, line 1. Can I talk to a person w?our paying $125 to save $97?

  • February 19, 2020
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February 20, 2020

If the foreign taxes are more then $300 ($600 if filing married-joint), you need to complete form 1116 to receive the credit. You can do this in TurboTax as follows:

 

Complete  the  "Foreign taxes" section under "Estimates and Other Taxes Paid" in the "Deductions & Credits" section of TurboTax.

 

Also, the credit will be denied for the current year if you did not report foreign income, so make sure you answered the questions in the dividend entry screen regarding the foreign income.

 

If you are denied the credit in the current year, you can carry over an unused credit to future years.

 

 

 

 

 

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