I need help, please. Background: I am using the TT deluxe edition for desktops and we are filing a joint return.
We have $667 in foreign tax credits from Fidelity and Vanguard mutual funds. I realize this exceeds the $600 threshold, but TT is only allowing $85 in foreign tax credit!
I would guess that at least most of the $667 would be allowed, and not just a small fraction like $85.
Can anyone explain why this might be happening and if indeed it is possible to only be allowed a small fraction of a reported $667 foreign tax credit?
Also, since we exceed the $600 threshold for joint returns, will we have to file For 1116?
Thank you!
