LinaJ2020
Expert Alumni

Deductions & credits

You will have to enter the Form 1099-OID in the program before putting in Form 1116.  Here are the steps:

 

In TurboTax online,

  1. Sign in to your account and select Pick up where you left off
  2. From the left menu, select Federal
  3. From the top, select Wages and Income
  4. Scroll down to "Interest and Dividends" section, under Dividends on 1099-DIV, select Start or Edit

To enter Foreign Tax credit information, follow these steps: 

 

In TurboTax online,

  • 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

If you can't claim a credit for the full amount of qualified foreign income taxes you paid or accrued in the year, you're allowed a carryback and/or carryover of the unused foreign income tax, except that no carryback or carryover is allowed for foreign tax on income included under section 951A. You can carry back for one year and then carry forward for 10 years the unused foreign tax. To read more, click here:

https://www.irs.gov/taxtopics/tc856

 

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