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First of all, here are the instructions how to enter a Forms 1116 and 8938 in TurboTax Deluxe online program:
To enter foreign tax credit and create a Form 1116, go to:
1. After sign into your account, select the orange button Take me to my return
2. At the right upper corner, in the search box, type in foreign tax credit and Enter
3. Select the 1st choice on the search results - Jump to foreign tax credit
4. Start with screen Foreign Taxes and select Continue to follow prompts.
To enter foreign asset and create a Form 8938, go to:
1. After sign into your account, select the orange button Take me to my return
2. At the right upper corner, in the search box, type in 8938 and Enter
3. Select the 1st choice on the search results - Jump to 8938
4. Next screen, Foreign Financial Assets, answer Yes to the questions and select Continue to enter information about your foreign assets
In order to locate all your tax forms including Form 1040, 1116 and 8938, you have to pay the fees first at the end. However, you can preview your Form 1040 before pay.
1. My Account ( right upper corner)-click on drop down arrow /
2. Tools / View Tax Summary
3. From the top, select Preview my 1040 or State tax summary
4. Scroll down to view.
To file an extension to exclude the foreign earned income, you will need to file a Form 2350, not the normal extension Form 4686. As TurboTax does not support the form 2350, you will need to download from IRS website, fill it in and submit by mail.
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