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Foreign tax credit is double the correct amount, it might be because i entered the info, but i think it might have also imported from from my broker, how do i fix?

Forum|Forum|5 years ago
May 13, 2021
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Originally i didn't see the amount so i entered it manually (lots of questions) then the total showed as double the correct amount. No matter what i do or how i answer the questions it will not let me fix the amount. How can I correct this?

TurboTax Online

Best answer by DaveF1006

Yes, you will receive the Foreign Tax Credit without the 1116. Perform these steps to ensure we have a clean copy of the reporting.

Delete the original 1099 where the foreign tax credit was reported.
Delete the 1116 forms in the way I described above.
Reenter the 1099 that reported the 1099. This way no prior data gets stuck in the program and the copy is clean.

DaveF1006

It depends. What was the amount of the foreign tax credit? If $300 or under or $600 or under (If married filing jointly), you can delete Form 1116. Go to tax tools>tools>delete a form>delete 1116. If in the software, go to the forms mode, select 1116, and delete it at the bottom of the form.

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C

C_HaynesAuthor

It was $108, but displaying in the Estimates and Other Taxes Paid section of Deductions and Credits as $216 (on 1116 Comp Wks I see 108 on both Foreign Taxes and also Utilized (not sure if thats why 216?)). If I delete the form do I still get the tax credit?

DaveF1006Answer

Yes, you will receive the Foreign Tax Credit without the 1116. Perform these steps to ensure we have a clean copy of the reporting.

Delete the original 1099 where the foreign tax credit was reported.
Delete the 1116 forms in the way I described above.
Reenter the 1099 that reported the 1099. This way no prior data gets stuck in the program and the copy is clean.

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