I got 3 K-1 forms for 2024, but have no idea what to do with them. Apparently info about them arrived with the downloaded tax info from Fidelity.
TurboTax H&B says that since I earned money in another country, this credit could reduce my US taxes. Apparently this is a "foreign tax credit" which I've heard of but never dealt with. It mentions the K-1 form of which I have three this year.
I checked "You have no more foreign taxes to enter other than those you've already entered on a 1099-div, 1099-int, 1099-OID, or a schedule K-1." Maybe that was incorrect but the other options seem even less likely. Then it says I have to complete form 1116 for the FTC, otherwise next option, deduction or credit. To try something I choose "take a credit" over "itemized deduction", because it sounds simpler (I don't itemize).
Next it says I have to choose the countries I earned in. None of the K-1 forms spec a country.
I have no idea what I'm supposed to do.
Thanks for any help!
edit: looking at the tax summary from fidelity, there is a foreign tax paid amount of $68. If the idea is to get a tax break on $68, and it's any trouble to implement, it'd be an option just to skip it, correct?
