Deductions & credits
If the date does not how on your K-1, you would need to enter the end date of 12/31/2020 on one of the screens while you go through the Foreign Tax Credit section. Here are the steps:
You will have to enter your Schedule K-1 first:
In TurboTax online,
- Sign into your tax return, select Pick up where you left off
- To the right upper corner, in the search box, type in "k1" and Enter
- Select Jump to k1
- Follow prompts
Then go through the "Foreign Tax Credit" section. Follow here:
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
- On screen, "Foreign Taxes Paid", under Date taxes paid or Accrued, enter 12/31/2020
- The date should be transferred to the worksheet.
- See image below
If you have paid taxes to both foreign and the US tax authorities, the IRS allows you to claim a foreign tax credit on your US tax return. To claim this foreign tax credit, you would need to file a Form 1116 Foreign Tax Credit. The amount would be shown on Schedule 3 line 1 and line 20 on Form 1040.
