JulieS
Expert Alumni

Deductions & credits

It depends on where the foreign tax amount came from. If you have a foreign tax carryover from 2021, the amount may be correct. 

 

Foreign tax paid or accrued is often on Form 1099-DIV, box 7 and sometimes on Schedule K-1. If your foreign tax is entered on these forms, you don't need to enter it again under the Foreign Tax Credit. 

 

You should review your entries for duplication if you have either of these forms. 

 

To review 1099-DIV:

 

  1. Open your return and select Federal on the left side menu.
  2. Select Wages & Income.
  3. Scroll down, or expand the list and find Investments and Savings (1099-B, 1099-INT, 1099-DIV, 1099-K, Crypto).
  4. Click Edit next to each 1099-DIV that you need to review. If you find a duplicated entry, click the trash can icon to remove it. 

 

If you have a Schedule K-1 and need to review it:

 

  1. Open your return and select Federal on the left side menu.
  2. Select Wages & Income.
  3. Scroll down and find S-corps, Partnerships, and Trusts, expand the section.
  4. Click Start or Revisit to the right of Schedule K-1.
  5. Click Update next to the type of Schedule K-1 that you need to review. If you find a duplicated entry, click the trash can icon to remove it. 
  6. Continue through the section until you get to the questions about Foreign tax.

 

If you can't find the problem, you can delete Form 1116 and start over with it. If you have a foreign tax carryover, do not delete the form. 

 

  1. From inside the return, scroll down to Tax Tools on the bottom of the left side menu.
  2. Select Tools.
  3. Click on Delete a form (third on the list at the bottom of the screen).
  4. Find Form 1116 on the list of forms.
  5. Click Delete to the right.
  6. Confirm your Delete.
  7. Click Continue in the lower right. 
  8. Click Continue with my return.

 

If this doesn't resolve your issue, please respond back to this thread with more details. 
 

 


 

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