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Get your taxes done using TurboTax
It depends.
Line 1 on Schedule 3 is the foreign tax credit being calculated. You do not need to file a Form 1116 if the total foreign taxes paid are not more than $300 ($600 if married filing a joint return) and other conditions are met. To see instructions, click here: https://www.irs.gov/instructions/i1116#idm140111522427664
In TurboTax program, I will suggest you to follow prompts under the "Foreign Tax Credit" section. The program will generate the Form 1116 if it applies to you.
To enter info under Foreign Tax section, here are the steps:
- Open up your TurboTax account and select Pick up where you left off
- At the right upper corner, in the search box, type in "foreign tax credit" and Enter
- Select Jump to foreign tax credit
- Follow prompts
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‎April 29, 2021
2:43 PM