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bk1968
March 17, 2025
Solved

Form 1116 - Foreign tax credit issue

  • March 17, 2025
  • 1 reply
  • 0 views

I showed a $73 Foreign Tax Paid (Brokerage account 1099-DIV Box 7) that was imported into Turbo Tax automatically with the desktop version.  Upon "checking for errors" I am getting a Check the Entry error for "Form 1116 : Line 33 should be blank".  The issue is that Line 33 is shown blank.  Line 34 is shown yellow highlight (blank of value also).  and the only line with a value is line 35 highlighted red and showing the $73 value.  I am not sure where to turn...or how to fix this issue.  Any advise would be appreciated

    Best answer by JamesG1

    This TurboTax Help states that TurboTax Desktop reports a red value as overridden, invalid or estimated.

     

    Have you reported the dividend income and country code by entering Foreign Tax Credit information?  Follow these steps:

     

    1. Across the top of the screen, click Federal Taxes.
    2. Across the top of the screen, click Deductions & credits.
    3. Select I'll choose what I work on.
    4. Scroll down to Estimates and Other Taxes Paid.
    5. Click to the right of Foreign Tax Credit.

    This may be helpful.

     

     

    1 reply

    J
    JamesG1Answer
    March 17, 2025

    This TurboTax Help states that TurboTax Desktop reports a red value as overridden, invalid or estimated.

     

    Have you reported the dividend income and country code by entering Foreign Tax Credit information?  Follow these steps:

     

    1. Across the top of the screen, click Federal Taxes.
    2. Across the top of the screen, click Deductions & credits.
    3. Select I'll choose what I work on.
    4. Scroll down to Estimates and Other Taxes Paid.
    5. Click to the right of Foreign Tax Credit.

    This may be helpful.

     

     

    **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
    bk1968Author
    March 20, 2025

    It looks as though the worksheet was added by mistake or something.

    I deleted the WKS and now all seems well

     

    Thanks

     

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