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Investors & landlords
@tpierelliturbo You may have to delete the Form 1116 that shows you have a 'Foreign Investment' first.
Click this link for more info on How to Delete a Form in TurboTax Online.
If you live and work outside the US, click this link for instructions on Reporting Foreign Income.
Once you have entered your income, in the Foreign Tax Credit section, choose the 'general income category' and indicate that Yes, you have reported your income.
In this section, you will enter the income amount and tax amount paid. You are not being taxed again; Form 1116 needs to know the Income/Tax amounts to calculate a ratio for your Foreign Tax Credit.
Click this link for more info on How to Claim a Foreign Tax Credit.
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March 26, 2021
12:15 PM