- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
Hi Dave. In turbo tax they list the form I am talking about as Form 1116 copy1. This is the attachment that will be sent when i efile. I am referencing Column A where I list the country as Germany. Line 1 A asks for Gross income from the country shown above. That would be Germany. Re-reading the line, I believe I am right to just list that gross income. Where I was getting confused was whether or not I had to list the CD Interest I got from India in column B on the 1116 form. The point I tried to make earlier was that I dont believe there is a need to list this foreign income because the total interest amount was included in my 1099 INT total already. So I dont believe I have to show this on form 1116 since it will be taxed from the 1099 INT total downloaded from the brokerage.
Hope I explained it better but I think this is what you meant in your last message.
Lastly, If I am unable to use any of the foreign carryover, if I understand you correctly, the oldest would just drop off each year. Do I understand this correctly??
Rick