Question

Form 1116

Forum|Forum|4 years ago
March 9, 2022
1 reply
0 views

I just reviewed Form 1116 in "the Tax Forms" view.

In Box 1, there is a "negative income" shown.

I remember entering some "positive income" related to the foreign tax that I had paid (through my Brokerage Firm, i.e., on a 1099). So:

- where can I see the income that I entered? I went to Foreign Tax, and can only see the tax, but not the related income

- why is the income shown as negative on Form 1116?

Thank you. Patrick.

R

RobertB4444

You need to go back and review the 1099s in order to see what you typed in.

You are correct. You should not have a negative foreign income. You need to review your entries.

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

B

BastaPaAuthor

Robert:

Thank you for your guidance, but I don't know how to do this:

- Originally, I imported the 1099 from my Brokerage Firm via the TurboTax "import function". I cannot find a way to see "all the information that was entered" through the import; yes, I found the line items in the detailed "gross proceeds" with further detail for each line of import for Stock Trades, but I cannot find any information as to whether 1 - any foreign tax was captured in the Import, and 2 - any trade was marked as "foreign income".

- Then, when I worked on my Foreign Income, I remember that TurboTax asked me to enter "the Foreign Income associated with the Foreign Tax"; I had to comb through my Brokerage Tax Statement to find this information, and entered it and calculated a total in a spreadsheet - so I know that I entered that amount, a little less than $4,000. Nowhere now in TurboTax can I find that number; and instead, I find a negative number, roughly -$1,300. So, it's not as if I entered the $4000 erroneously as a negative number; there is some kind of calculation happening, but I have no idea where that calculation is in TurboTax!

How do I make sense of this?

Thank you. Patrick.

R

RobertB4444

The 1099-B that you imported has all of the transactions that add up to this figure. You absolutely can go through them but - if there are too many - you can also delete the form that you imported from your broker and enter the summary total amounts from your trades and then attach a pdf of your 1099-B for the stock trades.

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