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Deductions & credits
Yes. Let's start over and see if we can resolve this issue so that you won't receive this dreaded error message.
- Go to your 1099 DIV entry and remove the foreign tax amount in Box 7,
- Delete Form 1116 from the tools menu
- Now log out and back again. Form 1116 should be gone along with Schedule B Form 1116.
- Now go to 1099 DIV and reinsert the Foreign Tax Paid in Box 7.
- Now go to deductions and credits>estimate and other taxes paid>foreign taxes
- In the Screen, where it asks where the Dividend income came from, enter RIC.
- Click on RIC in the next screen and select report income.
- Now place a check mark where it says Charles Schwab
- Now there should be an amount listed in the next screen in Foreign Sourced Income
- Next screen asks if you wish to review your entries. Say no.
- There should be a check mark already populated in the next screen.
- Now select simplified method
- No other income or expenses, say yes.
- Continue through the next screen where it mentions foreign taxes paid and say no in the carryover screen.
- the very next screen should say that you have a foreign tax credit of $137.
- Continue until you are done.
Let us know if this works.
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March 7, 2024
5:00 PM