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K-1 has foreign tax paid and Turbotax is deducting it on Schedule A. How do I get a tax credit via form 1116?

Forum|Forum|5 years ago
March 16, 2021
1 reply
22 views

I am already filing form 1116 based on 1099-div foreign taxes....why doesn't TT add the k-1 tax to this?

TurboTax Premier Online

Best answer by DaveF1006

Depending on the type of K-1 income that the foreign tax credit was based from, it may need to be reported in another category of income. Your Supplemental Statements that came with your K-1 may have this information.

1099DIV is passive income that comes from INT and DIV foreign income and requires its own 1116. If the income from your K-1 is from another category of income, then a separate 1116 would need to be generated because may be another category of income. Find out this information.

DaveF1006Answer

Level 15

Depending on the type of K-1 income that the foreign tax credit was based from, it may need to be reported in another category of income. Your Supplemental Statements that came with your K-1 may have this information.

1099DIV is passive income that comes from INT and DIV foreign income and requires its own 1116. If the income from your K-1 is from another category of income, then a separate 1116 would need to be generated because may be another category of income. Find out this information.

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