DaveF1006
Expert Alumni

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.

 

  1. Go to your 1099 DIV entry and remove the foreign tax amount in Box 7,
  2. Delete Form 1116 from the tools menu
  3. Now log out and back again. Form 1116 should be gone along with Schedule B Form 1116.
  4. Now go to 1099 DIV and reinsert the Foreign Tax Paid in Box 7.
  5. Now go to deductions and credits>estimate and other taxes paid>foreign taxes
  6. In the Screen, where it asks where the Dividend income came from, enter RIC.
  7. Click on RIC in the next screen and select report income.
  8. Now place a check mark where it says Charles Schwab
  9. Now there should be an amount listed in the next screen in Foreign Sourced Income
  10. Next screen asks if you wish to review your entries.  Say no.
  11. There should be a check mark already populated in the next screen.
  12. Now select simplified method
  13. No other income or expenses, say yes.
  14. Continue through the next screen where it mentions foreign taxes paid and say no in the carryover screen.
  15. the very next screen should say that you have a foreign tax credit of $137.
  16. Continue until you are done.

Let us know if this works.

 

@pmennnen 

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"