Error "Form 1116 (COPY 1) -- Foreign Tax Credit Comp Wks: Qual Div and LT Cap Gains should have a value of at least $XXXX." What do I enter? Why didn't TurboTax enter it?

Forum|Forum|5 years ago
June 22, 2020
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Hi there,

I got TT Premium, but am struggling with a lot of questions on form 1116 especially for Foreign Tax for my Vanguard investment.

1) Asked me for Explanation of Form 1116 (COPY 1) ... : I just entered "Foreign Tax Credit" - is that correct?

2) Next, asked me for Foreign Tax Credit Comp Wks: Qual Div and LT Cap Gains should have a value of at least $XXXX.": I just entered the value it prompted me in $XXXX - Is that correct?

3) Now it asks me for : "Form 1116 (COPY 1) -- Foreign Tax Credit Comp Wks: Date must be entered: Which date should I enter?

Vanguard is the ONLY foreign tax credit thingy I have.. and I can't find the answers from my 1099-Div they sent. I had already uploaded that file, but TT still asks these questions.

Best answer by SusanY1

It sounds like you have completed the explanation and value entries correctly. For the date, use 12/31/2019 since you won't know the exact date of the tax payment in most cases.

SusanY1Answer

It sounds like you have completed the explanation and value entries correctly. For the date, use 12/31/2019 since you won't know the exact date of the tax payment in most cases.

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johnsantaclara1Author

Thank you very much Susan1! Sorry that I am still confused as "QDI eligible foreign income" shows a different amount than the one this is prompting..

Qual Div and LT Cap Gains:$XXXX

In my "2019 Foreign tax Paid" form from Vanguard , QDI eligible foreign income= $YYYY

I am super confused if I should enter XXXX or YYYY or something else..

Thanks again!

GoodSam

In Apr 2021, the SAME ISSUE PERSIST. Why can't the TT Premium fix this issue and populate the Foreign Tax paid details instead of making the user do it every year. Can't they look at the prior years issue and fix it in the new/next year releases? TT service has been degrading a lot rent times, hope they come out of lethargy.