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what is line 4.b in Foreign Tax Credit Computation Worksheet mean?
I have this peculiar issue, I had faced last year when using Turbotax.
I created Form 1116 to get credit for the foreign tax paid. Turbo tax automatically generates the 'Foreign Tax Credit Computation Worksheet' but during the final review , flags and prompts me ( the tax payer) to enter the value for the item 4.b.(1).c i.e.value for the item "Adjusted basis of total investment assets"
I have given a screenshot of this worksheet. If I enter the value 0 for this item, it says that value has to be more than 0 and accepts the value '1'. Not sure what exactly this mean and what is to be entered here?
March 19, 2024
9:49 PM