@pk, thank you for your note – and, I agree with your analysis.
To explain the issue using your numerical example, TurboTax displays a screen entitled “Any foreign source qualified dividends or long term capital gains?" during the Foreign Tax Credit interview. On that screen, TurboTax prompts the user to enter “foreign qualified dividends and l.t. capital gains.” When $800 is entered, TurboTax displays the error “this field should be at least $950” (where $950 = “total foreign income for this category” = Box 1a x 95%). However, based on the supplemental tax reporting information provided by the mutual fund company, the correct answer to the question is indeed $800 (= Box 1a x 80%) – which, of course, is less than the $950 minimum required by TurboTax.
Any insight on why TurboTax might be reporting this error? And, more importantly, how do I circumvent this issue and enter the correct amount for “foreign qualified dividends and l.t. capital gains”?
Thank you for your assistance.
