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Get your taxes done using TurboTax
I made the move today and switched successfully to OLT.com. It seemed waiting or seeing all your (repeating) questions come by was better spent on switching away from TT. It was long overdue. I had an accuracy issue with TT last year which they completely ignored questions or concerns. This 1116(b) debacle is totally up to them as other online filers can do it. So, service is terrible and now the product as well.
OLT.com does a nice job, is significantly faster and you can actually see every form and schedule before submitting. And, oh, did I mention its free? Yes, including 1116 B and (is use general and passive categories) and it worked great.
If you for some reason still want to carry your $ to TT and your situation is simple keep the following in mind. You may not need to wait for TT to maybe or not add a few hours to update their product. Good luck!
- If you meet ALL of these requirements you will be able to claim Foreign Tax Credit directly on Form 1040 without filing Form 1116.
- All of your gross foreign source income was from interest and dividends, and all of that income and the foreign tax paid on it were reported to you on Form 1099-INT, Form 1099-DIV, or Schedule K-1 (or substitute statement).
- If you had dividend income from shares of stock and you held those shares for at least 16 days.
- You are not filing Form 4563 or excluding income from sources within Puerto Rico.
- The total of your foreign taxes was not more than $300 (not more than $600 if married filing jointly).
- All of your foreign taxes were:
- Legally owed and not eligible for a refund, and
- Paid to countries that are recognized by the United States and do not support terrorism.