@AbrahamT wrote:
Just to clarify, are you referring to the Gross income of $572 and Qualified Dividends of $411? $That's correct, you don't have to include those figures. That's the portion of the foreign income that you have your foreign taxes withheld from. When you enter the foreign tax paid 20.00 , the program should automaticaaly calculate the foreign income from where these taxes are being withheld from. The qualified dividends are already included in your Box 2B from your K-1 entered earlier.
I may be missing something, but I don't think that a line 14 code B statement saying that there are $411 of foreign qualified dividends means that K-1 box 2B will be relevant. 2B will include both US qual divs and foreign qual divs. I don't see how TT can use 2B for the 1116 calc. It needs foreign QDI to be on the 1116 Comp Wks line g(1)(h) for use in calculating the (k) adjustment.
See the 1116 instructions, page 9: https://www.irs.gov/pub/irs-pdf/i1116.pdf
With the modest amounts for foreign income and tax involved the FTC allowed might not change it is probably isn't worth spending much time on.
Also, I will note that one is never required to file an amended return. You may want to in order to get a refund or get ahead of potential interest/penalties, but you don't have to. See https://www.keimtaxlaw.com/do-you-have-a-legal-obligation-to-file-an-amended-income-tax-return
https://www.irs.gov/pub/irs-pdf/i1116.pdf
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