Question on Form 1116 - Foreign Tax Credit
The "Gross Income from all sources)" on Line 2e is almost $30K higher then my AGI. I read the information on "Source" of that number. It includes all income without taken account of any losses.
I have a simple tax return: Investment Income, Social Security and Pension. I have no Schedule 1, C or F income. K-1 is passive losses that are deferred. So I add back all the losses on Schedule D to my AGI and my calculated adjusted total income from all sources is about $7,500 lower than the number on Form 1116, Line 2e. I also double checked by adding, Lines 2b, 3b, 4b, 5b, 6b, and all positive numbers on Schedule D. And the result is the same $7,500 lower than Form 1116, line 2e. As I mentioned, I have no Schedule 1, Sch C [self-employed] nor F [Farmer] income. The only reason that Form 1116's Total Income is $7,500 higher than my manual calculation would be some other income [none] or Losses I overlooked. Given the nature of my tax return, there is no other losses that has been deducted from AGI.
Turbotax should really document its numbers by providing the user s listing of the numbers comprising the total on line 2e. If I miss that listing, please point me to it. If not, where should I look for that $7,500?
Thanks.
