In the interview for Form 1116 when I put a zero in the amount in the entry of "foreign qualified dividends and l.t. capital gains" I get an error message that says "This field should be at least xxxx", where xxxx is a the total foreign source income and I cannot continue. My 1099 says the income is from dividends but they are not qualified dividends nor L.T. cap gains. Any help would be appreciated. Thanks!
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It is most likely that some portion of the 1099-div box 1b contains foreign dividends; otherwise TT would not flag it. Thus there is a compatibility error.
The following procedure will illustrate this. Open a new spreadsheet.
Column A is used for both qualified and unqualified dividends, aka. “Ordinary dividends”.
Column B is used for qualified dividends only.
In cell A1, insert the worldwide ordinary dividends. This is the amount in the 1099-div, box 1a.
In cell A2, insert the foreign ordinary dividends. This amount is derived from the broker’s supplemental info.
In cell A3, subtract A2 from A1. The result is the U.S sourced ordinary dividends.
In cell B1, insert the worldwide qualified dividends. This is the amount in the 1099-div box 1b.
In cell B2, insert the foreign qualified dividends. This amount is derived from the broker’s supplemental info.
In cell B3, subtract B2 from B1. The result is the U.S. sourced qualified dividends.
Thus A1 is equal to or greater than B1, A2 is equal to or greater than B2, and A3 is equal to or greater than B3. If any “A” is less than its corresponding “B”, there is an error. Recheck all entries..
Users with this issue usually have found A3 < B3. It turns out that they had misinterpreted the broker's instructions on calculating the amounts for A2 and/or B2.
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