3530777
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Tax Law Changes - One Big Beautiful Bill on Aug 6! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Turbo tax calculating Foreign tax credit incorrectly

form 1116 line 18 states Individuals: Enter the amount from line 15 of your Form 1040, 1040-SR, or
1040-NR.

 

the number used in form line 18 of form 1116 DOES NOT match 1040 line 15 'Subtract line 14 from line 11. If zero or less, enter -0-. This is your taxable income'

 

The number inserted by turbo tax into line 18 form 1116 can not be found in any government or turbo tax worksheet.  The number inserted only appears in the passive income 1116 and general income 1116 forms

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies
pk
Level 15
Level 15

Turbo tax calculating Foreign tax credit incorrectly

@thomas-vainius-c , please consider providing more info so the scenario can be tried and understood as to what the TurboTax is doing ( rightly or wrongly ).

Need -- world income,  Foreign source income by type ,  and foreign taxes paid  ( by type ).    You mention  1116 for general and passive .  Why the general -- is it unexcluded foreign income or HTKO or what ?   The Passive is from what -- INT, DIV,  Gain,  Rent etc. ?

Where is your tax home  ( US or abroad) ?

Which countries are involved ?

Are you using Windows download or Mac ? Or On-line ?

 

I will circle back once I hear from you --yes ?

Turbo tax calculating Foreign tax credit incorrectly

I found it.  Was adjusted due to using capital gains and dividend worksheet.  Turbotax for some reason did the calculation but DID NOT include the worksheet in the tax return PDF including turbotax and government worksheets.  specifically the Worksheet for Line 18 (Worldwide Qualified Dividends and Capital
Gains) which is in the instructions for form 1116

pk
Level 15
Level 15

Turbo tax calculating Foreign tax credit incorrectly

@thomas-vainius-c , great.  Thank you for closing the loop.

 

Is there more I can do for you ?

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question