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Does 1099-INT box-1 amount get onto Form 1116 under "Passive Category Income"?
I have foreign wages (taxed) and interests (not taxed) in 2019. My foreign tax credit situation should result no extra liability with the return. I have entered foreign interest income of $20 (converted myself from foreign currency) for BOX-1 as if I've received 1099-INT. Then I went to f1116 for foreign tax credit with Passive Category Income for this $20. Interview says I should not enter interest already in 1099-INT. So by entering in 1099-INT, it does not create a f1116 for that passive income of $20, and now I owe $2 tax (for that $20) and loses $2 of my foreign tax credit, though I still have credit overall. Basically it appears to TT does not treat $20 as part of foreign income. How can that be resolved? Also, if all foreign tax is paid NOT in USD, does TT online not support the filing of f1116? Thanks.
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March 28, 2020
7:51 PM