Question

It keeps saying I have a financial account in another country when I keep putting No

Forum|Forum|1 year ago
April 1, 2025
1 reply
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It's forcing me to add the $79 plan for having a foreign account but I do not have one.

TurboTax Free Edition Online

JohnB5677

Be sure you do not have a 1099-DIV with information in box 7.

Then we can delete form 1116.

On the menu in the sidebar on the left.

Select Tax Tools

You may have to minimize both the Federal and State options by clicking the Down Arrows on the Sidebar.
You will then clearly see Tax Tools
Click the arrow to up to see additional options

On the drop-down select Tools
On the Pop-Up menu select Delete a Form
This will give you all of the forms in your return
Scroll down to the form you want to delete
Select 1116 Foreign Tax Credit Comp Wks.
Click on Delete selected form.

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A

anjehb-skpAuthor

Thanks @JohnB5677 I do not have either one of those forms in my list. Here are screen shots of all of my forms.

DaveF1006

Review your 1099 INT entry and see if you have a Foreign Tax paid in Box 6 of the form. If so, there are additional reporting requirements.

After the Form is entered in the computer, there are two screens that follow the entry asking what the amount of foreign interest was paid and the country to where it was paid to. This information is located on a separate disclosure form that comes with your brokerage statements. If this form was imported, you may not have been aware there was foreign interest paid or a foreign tax paid on the interest.

If you find there was a foreign tax paid in Box 6, you may claim a foreign tax credit by the following steps.

Go to Federal
Deductions and credits
Estimate and other taxes paid
Foreign Tax Credit>start or revisit

As you begin working in the section, the program will recognize you have already made an entry regarding foreign taxes in your 1099 INT.

It will first ask you to verify where the dividend income came from.
Next screen you will select report income in the radio button
In the next screen, put a checkmark in the box that says select
The next screen will verify the amount of foreign-source income the foreign tax was derived from.
After this is done, you are done reporting foreign income. If it asks you if you wish to review your entries, you can say no.
Next it'll ask you making a simplified election for AMT. Here you can say simplified election.
Keep navigating the screens. When a screen appears telling you to choose an income type, choose passive income.
Press done in the next screen.
Continue through the screens until you are finished.