- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
You will need to make certain that your 1099-divs provide respective amounts of foreign-sourced income and foreign tax paid. Follow TTs instructions to transfer the amounts. Open the section for Foreign Tax on the summary page and the interview will provide you 2 options for receiving tax credits for the foreign taxes paid: Schedule A or Form 1116. TT will then present you with questions so that you can transfer your information to Schedule A or to a worksheet used to populate Form 1116. In some instances, Form 1116 will not be required.
‎June 1, 2019
6:48 AM