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Get your taxes done using TurboTax
Thanks for your help! Sorry for the meagre information. I was trying not to overshare exact numbers. Below are the exact numbers but all muliplied or divided by the same constant number. So all proportion are correct.
- I live in the US and am a US tax resident
- I'm using the desktop TurboTax premier on Mac (tagged the post with this)
- I have some income from a business investment in another country but it's not a large portion of my total earnings. But hence the Form 1116
- My DCP (Deferred Comp Plan) is not a foreign pension. It is from a former US employer. Managed with Fidelity. And it provides a W2 and taxes are withdrawn from it. It is regular US income. I enter it in TurboTax in the W2 questionnaire, and TurboTax enters that on Schedule 1, line 8t.
- Here are relevant numbers (constant ratio applied) as enter by me through questoinnaire and shown in TurboTax forms as follows
- Schedule 1 line 3 and 4 are blank (i.e. there is no business loss to deduct or bring down my Gross Income)
- Schedule 1 line 5 (business income from my foreign business): $15k
- Schedule 1 line 8t (DCP income reported on W2): $103k
- Schedule 1 line 9 (total other income): $103k
- Schedule 1 line 10 (total "additional income"): $118k
- 1040 line 3b (dividends): $55k
- 1040 line 8 (additional income from Schedule 1 noted above): $118k
- 1040 line 9 (total income) $173k
- There is no Schedule C - and hence no "cost of goods sold" to deduct, so nothing to bring down this number
- Here is the relevant line from Form 1116
- Form 1116 line 3e (Gross Income from all sources): $70k
- It shows in the "worksheet" (the mere two lines above it) line A "Calculated Gross Income from all sources": $70k, and line B ("Adjustment amount...") is blank
- Note that line 3e (or worksheet line A) are not editable and are calculated by TurboTax so I can't manually fix it.
So, my "Gross Income from All Sources" appears to actually be $173k (or more given some of the potential adjustments for "Gross Income from all..." although I don't have any particularly interesting adjustment additions for it, and I have none of the few possible subtractions as noted above). And for some reason the TurboTax calculation for "Gross Income from all" is excluding the Schedule 1 line 8 "Other Income" from my DCP, which the IRS says should be included, and results in a significantly lower $70k number. And other posts in this forum which list what should be included say all "positive income amounts on the Other Income statement" should be included. IRS guidance also indicates this. Just as taxable IRAs etc. are included.
Any suggestions on this bug, how I could work around it, and how Intuit can proceed with an update fix?