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Deductions & credits
Hi,
thanks for the input. I'm not sure, but I think this is something different. Foreign loss is what's going into line 5 of the form 1116. And this value would include losses from sale of stocks, I agree. That part is easy.
Just as an example, assume 5k of foreign qual divididends, and 20k of foreign l.t. losses. The 20k goes in l. 5.
But TurboTax also asks for the part of the foreign income that's qualified dividends or longterm capital gain. That should be -15k in this example. I assume the purpose of that question is to determine the need of foreign income adjustment, which is something different than the value in line 5. I need to enter something there and the problem remains, that TurboTax does not allow a negative value here. I'm not sure I can just decide to not include losses in capital gains there, just because they were already entered into the field you showed in your screenshot.
The income is below the threshold, so only the second condition (qual. div + l.t. cap. gain) is relevant, but I think this is what you were saying.