How do you enter foreign tax credit?

Forum|Forum|2 years ago
March 4, 2024
9 replies
33 views

I have 4 separate countries in which I paid foreign tax within my 1099-DIV and I can't figure out how to enter this detail within TT. I have the desktop version and these directions don't seem to be working for me.

https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/enter-foreign-tax-credit-form-1116-deduction/L5jnSn5Vm_US_en_US?uid=ltdbk63k

Any help would be appreciated.

TurboTax Online

ThomasM125

Level 15

First, you enter the Form 1099-DIV that should report foreign taxes paid, in box 7. If you are single and your foreign taxes on dividends and interest is under $300 ($600 if married filing joint) this is all you need to do, as you will get the foreign tax credit automatically. If it is over that amount you need to go to the Estimates and Other Taxes paid section in the Deductions and Credits area of TurboTax to enter your foreign income.

Choose the Foreign Taxes option under Estimates and Other Taxes Paid:

If your only foreign taxes were reported on your 1099-DIV or 1099-INT or similar statements, choose that option on the screen that says "Tell us About Your Foreign Taxes:

Indicate that you need to complete Form 1116 when asked. It's usually better to take the foreign "Credit" option over the "Deduction." Choose the countries you paid the taxes to:

Then report the income by country:

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CaballoAuthor

Level 3

Thank you @ThomasM125 but I wonder if the screenshots you had were from the online version. The desktop version that I have doesn't have those same options. Any thoughts?