- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
TT only works with USD. That part in f1116 asking for foreign currency is informational only. In the explanation statement you could state that the conversion rate was used only for the foreign payer.
TT wants the total income from all sources and the total foreign tax paid in USD. Switzerland will occupy one column in f1116.
I am assuming that in the income section, you filled out a blank 1099-DIV to account for the foreign payer.
The amounts are in USD using the conversion rate on the default date of 12/31/2021. You can run both 1099's thru the foreign tax credit interview and TT will post all the data on Column A which is dedicated only to Switzerland.
‎April 2, 2022
5:09 AM