ASCP
Level 2

Deductions & credits

reply to nikesvrena

 

"The problem is not what the IRS wants, but that the software does not work when one tries to provide what the IRS wants.  The calculation of the allowable credit is the same whether it is reported as multiple countries or a single country.  The solution is to do a spread sheet and bunch all of your credits and report them all as one country, which means to enter a separate 1099 Div for each country as to which you had a foreign tax withheld from your dividends and then report it to the 1116 as a single country." 

 

For passive, dividend income, I noticed that if one uses the interview form and puts "various" as the country name and then goes to the forms view, you can list the countries by clicking on the dividend revenue. A "plus sign" shows-up where the list can be completed. The detail list says to click a "box" not to print, so I thought the list would show up with the return. I did not see the list as part of the return.  "Various" as a country description showed-up on the Form 1116. I typed see statement on one of the lines, but the statement page unfortunately is not detailed on the forms for submission. I plan to print the detail country statement to keep with my return and if audited, I have the detail. Seems like TT is almost there, just some more coding required. I assume that professional software would show "various" on the Form 1116 and then show a detail stament.