2025年2月24日 · TurboTax says: "You need to complete Form 1116 if you want to claim the foreign tax credit" Choose "Take a Credit" when asked whether you want the Deduction or the Credit. Keep going, choose "Passive Income" when it asks for a category, and fill out the Form 1116 Worksheet (specify the country and foreign income amount, which is $50,000, with ...

To see when Form 1116 will become available in TurboTax, check form availability on this page. Both the credit and the deduction are entered in the same place. Here's what you do: Open or continue your return. Enter all your foreign income in the Wages & Income section if you haven't already; Navigate to the foreign tax credit section:

2025年1月4日 · IRS provides for an election to claim Foreign Tax Credit without filing Form 1116 . Instructions for Form 1116 (2023) | Internal Revenue Service . You may be able to claim the foreign tax credit without filing Form 1116. By making this election, the foreign tax credit limitation (lines 15 through 23 of the form) won't apply to you.

Form 1116 is requesting "detailed explanation" of "other Deduction Statement A." I have completed everything in TurboTax, but don't know what additional info is needed for Line 3A of Form 1116. The query came up during the review of my completed return.

2025年2月3日 · Form 1040 Line 15 - 41,168 . TurboTax defaults Line 18 of Form 1116 to 41,168 but based on IRS instructions for the form, the value for line 18 can be calculated using a worksheet because I have qualified dividends. If I follow the worksheet instructions, the value should be 41,168 - 29,821 = 11,347 which yields the maximum foreign tax credit.

2024年3月4日 · Have TT Premier, Joint Return, Standard Deduction, only have Foreign Taxes reported on 1099-DIVs, total amount is a little over $600. Since it's over $600 I'm suppose to fill out form 1116. Do not want to fill out form 1116. Can I change the amount on the 1099-DIV to less than $600 so I don't hav...

2024年2月14日 · Form 1116 Instructions The date is dependent on whether you are using the paid date or the accrued date. Based on your statement, the payment is 2024, however they would have been accrued possibly earlier than that, so you must decide whether you are going to use accrued or paid.

2024年3月13日 · Although the next page says you need to complete Form 1116, this will not apply in your case. Continue, and Review your 1099-Div entries, using Country 'RIC' and Continue. Enter Amount of Foreign Dividend Income. Your Foreign Tax Credit appears on Schedule 3, Part I, Line 1. Here's more info on Claiming the Foreign Tax Credit. @seachellemz

2019年6月7日 · Generally speaking, you do need to provide a date on Form 1116, for when the foreign taxes were paid, or accrued. However, that is basically just to demonstrate that the foreign taxes were paid or accrued during this tax year, or period, rather than anything else.

2021年3月7日 · Can gross foreign source income (line 3d on Form 1116) be larger than gross income from all sources (line 3e on Form 1116)? It sounds counterintuitive, yet that is what it comes out being. There is no detailed calculation that I can see anywhere within Turbotax worksheets that shows how gross income...