LinaJ2020
Expert Alumni

Deductions & credits

No, you do not need to file a Form 1116 if foreign taxes is not more than $300.  After you enter info under 1099-DIV section, you should see the $22 on Schedule 3 line 1 and Form 1040 line 20.

 

To enter 1099-DIV in the program, here are the steps:

  • Sign in to your account, select Pick up where you left off
  • To the right upper corner, under Select, type in "1099div" then Enter
  • Select Jump to 1099div
  • Follow prompts 
  • On the 1099-DIV screen, make sure to check the box "My form has info in other boxes" to expand the options
  • Make sure box 7 Foreign tax paid is filled. 

 

You only need to file a Form 1116 if foreign taxes paid exceeds $300. 

For more information, click here: https://www.irs.gov/instructions/i1116  ( Under Election To Claim the Foreign Tax Credit Without Filing Form 1116)

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