Question

IRS requires foreign income per country for Foreign Tax Credit. How do I enter separate countries on 1099s, when data was downloaded from a financial institution?

Forum|Forum|6 years ago
February 21, 2020
1 reply
0 views

I’m preparing my return on line. I can’t figure out how to go to forms.

TurboTax Premier Online

A

Anonymous

what most people do is use "various" like the 4th one down in the drop down box.

by the way if you're single, HOH or MFS, if the credit is under $300 you don't need the 1116 (under $600 if MFJ)

in this case you do not create a link to the 1116

also by the way if you do need 1116 the category for foreign dividends is passive.

S

Sooo_Frustrated

Just ran across this reply. I have $71 in foreign taxes (MFJ) and yet Turbo Tax says I need to file an 1116. Part of me says it's not worth messing with for $71 but the other part of me says it covers more than half of what I paid for the S/W (frankly, most the of the return is pretty easy - I could have done it manually. How do I opt out of the 1116 within Turbo Tax? - Thanks

K

KarenJ2

rogge1722 responded to a similar question previously.

If you are asked to fill out form 1116 and you don’t need to, here is a technique to override it. Go to the foreign tax credit interview and when you start, here are the screen headers and the responses.
1. Foreign tax credit
          Continue
2. Tell us about your foreign taxes.
             Skip the foreign tax credit.
3. Foreign Taxes
          Continue
TT will exit the interview and the credit should appear on schedule 3 line 1.

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