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Deductions & credits
You can choose each tax year to take the amount of any qualified foreign taxes paid or accrued during the year as a foreign tax credit or as an itemized deduction.
If you don't want to claim the credit follow the steps to delete form 1116 Foreign Tax Credit:
1. In the program, to your left,
2. Select Tax Tools, click on the drop down arrow
3. Select Tools
4. Under Other helpful links, choose Delete a form
5. Select Delete next to Form 1116 and Continue with My Return
If the form keeps coming back, revisit the foreign income section and claim the deduction instead of the credit.
To return to the foreign tax credit section to edit, 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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March 7, 2021
3:31 PM