Question

Foreign Tax Credit

Forum|Forum|2 years ago
February 19, 2024
1 reply
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I use two mutual fund companies, Fidelity Investments and Vanguard, and I imported the 1099-DIV information to TT. The Vanguard foreign tax credit is showing correctly on IRS Form 1116, Foreign Tax Credit and on the summary 1040-SR. However, the Fidelity foreign tax credit does not show on this form and nor on the summary form 1040-SR.

I have tried deleting the Fidelity 1099-DIV and re-importing it to TT. This did not correct the problem.

Does this sound familiar? Can anyone help so that the Fidelity foreign tax credit shows?

Thanks to anyone that could help.

Not A Product Question

AmyC

Employee

Is your credit limited? Edit your Form 1116 entries since the 1040 should have your correct totals. You should be showing RIC for the source and the country with the total tax paid in one entry.

Let me help you start the 1116.

Log into your return
Select Pick Up Where I Left Off
In the top right corner, locate the Magnifying glass/search enter the exact words foreign tax paid
Enter
Select the first entry Jump to foreign tax paid
Did you pay foreign tax, select yes
Before we Begin screen, make sure all income is already entered before proceeding, select yes
Continue