ThomasM125
Expert Alumni

Deductions & credits

The IRS allows you to skip form 1116 Foreign Tax Credit if your foreign taxes, as reported on 1099 forms, are less than $300 (single filer) or $600 (married-joint.)

If you qualify, then the foreign tax credit will be placed directly on line 1 of schedule 3 and it will show as a tax credit on form 1040.

 

Otherwise, you have to use the Foreign Taxes menu option in the Estimates and Other Taxes Paid section of TurboTax to populate form 1116 and have the credit appear on your tax return. TurboTax will ask you about your foreign taxes when you go through the Deductions and Credits section.

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