Question

foreign tax credit on interest paid to India

Forum|Forum|1 year ago
February 2, 2025
1 reply
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I have entered the interest income in 1099 Int and included the foreign taxes paid on box6.

Coming to form 1116, i have entered the country, income and taxes on the appropriate column. No figures on line 8.

How to fix it

TurboTax Home & Biz Windows

P

pk12_2

Employee

@Murugan6 Namaste ji

(a) If your Foreign Tax burden is below the safe harbor limit ( US$300 for each filer on a return ) then you do not need to use the form 1116 with its limitations.

(b) To do this ( on windows version of TurboTax) in the screen that asks whether you want to take deduction or credit, choose credit and then safe harbor -- that would allow dollar for dollar credit up to the safe harbor limit for your filing status.

Is there more I can do for you ?

pk