- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
I recognize your frustration. The IRS allows you to claim the exact amount of the foreign taxes paid if you meet certain conditions (see Form 1116 Instructions). However, it is beginning to look as if TurboTax can't handle this situation. TT seems to require that you claim a foreign tax credit through Form 1116, which will always reduce the credit to an amount less than the amount paid. I asked a Customer Service Rep and a CPA at TT how I could claim a credit for the amount paid rather than submit a claim through Form 1116 and neither one could help. I used to think TT was pretty good but now I'm not as confident.
‎April 13, 2020
12:55 PM