Another maddening frustration with Turbotax that persists year after year. If you have several mutual funds that pay foreign taxes, you'll want to take advantage of the tax credit. The amounts can easily rise above the safe harbor. If it does, Turbotax will complete Form 1116s. These are very complicated and the software doesn't collect all the data needed during the interview. You'll get errors and you won't know what to enter for the values requested. For example, you'll need to enter the Adj Basis Fgn Assets. Your mutual fund company won't provide this value. Presumably this is the total value of your investment in the mutual funds that paid the taxes. Where do you get this information? Value at what time? What adjustments do you make? Why does Turbotax release broken software year after year? I suppose it is because it has a monopoly and no incentive to fix its product. Federal Trade Commission and Department of Justice: Are you listening? Intuit is a monopolist that is harming the public.
