Dawn, I understand the frustration of the people trying to manage through the foreign tax credit maze. I am also having issues using the software.
The TT software instructions for foreign tax credit is just not working. I have no tax liability for 2020 and so I want to carry the credit over to future years. In the income interview section for 1099-DIV, I entered the foreign taxes paid in Box 7.
In the summary page of the deductions and credits next to Foreign Taxes it has $0. I clicked UPDATE. The first page confirms that the software registers that foreign taxes were paid and entered on a 1099-DIV. On the next page I verified I no other foreign taxes to report, ready for a calculation. This was followed by a page stating the software has verified I met all the requirements for a credit without filling out Form 1116, "but we see no foreign taxes being made." How did the first page confirm foreign taxes were made and the third page says they are not there. It instructs one to return to the income section and fill in the proper box in the 1099-DIV page with the foreign tax value. (Did that and the value is still in Box 7) The last paragraph then suggests, "Select Search Topics or Forms in the toolbar at the top of the screen." It continues with next step instruction, but there is no such option listed at the top of the page. Upon hitting the CONTINUE button it took me to a asking if I want a credit or a deduction. Clicking CREDIT put me back into the Deductions & Credits summary page.
Any suggestions on how to handle this using TT Home and Business 2020 version?
