foreign tax credit

Forum|Forum|2 years ago
March 9, 2024
1 reply
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I have already entered my 1099 int and 1099 div and I have foreign tax paid totaling $138. This has been entered processed correctly in turbo tax. In addition to this I have $252 of UK tax that was collected on UK income. How do I enter this amount in Turbo tax to get a foreign tax credit?

ThomasM125

Choose the Foreign Taxes option under Estimates and Other Taxes Paid, in the Deductions and Credits section of TurboTax:

Indicate that you have already entered your 1099 forms with foreign taxes paid. Choose the foreign tax credit option in place of the deduction. Choose the passive income option if your income is non-business or non-employment related income. Assign a country for your income and report the foreign income amount.

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rowndtoitAuthor

I had already completed the steps that you suggested with no success. I contacted TurboTax and a support person helped me out. It was not simple, as whenever I started the process the software kept directing me to enter 1099I INT and 1099 DIV and didn't give an option to enter other income. The support person shared my screen and had me generate a form 1116 and then we had to go through quite a long process to enter the data. We spent over an hour on the phone but finally were able to complete the task. I could not explain all the steps and will have to get help next year unless the software is updated