- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
The general strategy suggested is correct, however, it leads to errors when Turbo Tax attempts to complete the 1116 form. The reason is that you can't put zero in for box 1a. You can't be taxed on zero dividends. The only true work a round it to split out all the data (1a, 1b, 2a, 7) regarding the foreign countries into separate 1099-Div as suggested, but you also have to subtract the 1a, 1b, 2a and 7 data from the original 1099-Div or you will get double taxed. The problem is that TT assumes that each 1099-Div only has a single foreign country in it. I agree it is a disgrace that TT has not fixed this so one can enter directly from a single 1099-Div. I even upgraded to Premier because I though it might work in that program. I am going to ask for my money back. Bottom line is that I failed to get my taxes in by the 15th.
‎June 4, 2019
5:17 PM
3,469 Views