Skip to main content
February 20, 2022
Question

When will foreign tax credit area be ready 2022? It’s been unavailable for almost two months now.

  • February 20, 2022
  • 1 reply
  • 0 views
How can I get my early filing bonus if the FTC area of TT isn’t ready?

1 reply

February 20, 2022

Please see IRS forms availability table for TurboTax individual (personal) tax products for when Form 1116 will be ready.

 

 

Please be aware there are situations where you claim a foreign tax credit without filing Form 1116:

 

  • If all your foreign-taxed income was reported on Form 1099, for example 1099-INT or 1099-DIV, provided that any dividends came from stock you owned for at least 16 days.
  • Single filers who paid $300 or less in foreign taxes, and married joint filers who paid $600 or less.

Please be aware you won't be able carry forward any unused credit.

 

Please see Claiming the Foreign Tax Credit with Form 1116 for more details.

 

  1. Login to your TurboTax Account 
  2. Click on "Search" on the top right and type “foreign tax credit”
  3. On the "Tell Us About Your Foreign Taxes" screen select "you have no more foreign taxes to enter than on the 1099-DIV" and "You have no foreign tax credit carryover"

 

 

To verify that Form 1116 isn't included on your return.

  1. In the left menu, select "Tax Tools" and then "Tools".
  2. In the pop-up window Tool Center, select "Delete a form".
  3. Select "Delete" next to Form 1116 in the list and follow the instructions if needed

 

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