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Deductions & credits
I have $95 in foreign tax credit, much but not all from dividends, some from cap gains. I would like to fill out a 1116, but TT locks me in to tacking the credit without form 1116; I assume because of the small $ amount. But according to IRS, to avoid using 1116, the entire foreign taxes paid must be entirely from dividends. I realize IRS is highly unlikely to audit this small amount but TT should do it right. TT didn't even ask how much came from dividends. Disappointed.
‎February 28, 2022
7:16 PM