- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
After I first replied on April 22 there were several replies back that seemed to offer a way to eliminate the error TurboTax was reporting for form 1116.
My tax situation was not complicated, on my 1099 DIV form as an amount in 1a Ordinary Dividends and equal amount if 1b Qualified Dividends. I also had an amount in box 7, Foreign Tax Paid, and box 8 contained the Country Name, Canada which I had entered while filling out the input to Turbo Tax.
The solution, one which was recommended was to go to Form 1116 where Turbo Tax had checked box B - Foreign Branch Income and I changed that to Box C - Passive Category Income, which was also confirmed in the IRS instructions for form 1116. I saved the Form 1116 and reran the Check which was now OK.
I do not think this was complicated and that to me Turbo Tax did not handle correctly!
I have now submitted my Federal Tax forms which were accepted by the IRS. The bad news is still have to pay the Tax Due Amount by May 17!