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ezshopr
Returning Member

Foreign Tax Credit - I can't get it to work

In TurboTax you can take a foreign tax credit if you paid a foreign tax and received dividends (which is listed on the 1099 I received from the broker.)  Problem - TurboTax says select the country from the drop down, but I have 3.  I select all 3, then TurboTax wants you to select/highlight the one from the drop down and begin entering the tax / dividend information.  I can't figure out how to select all 3 at one time.  If I select  one and enter foreign tax paid and dividends earned from that country, then Turbo tax is done with the section. 

The default question in the tax form when you search says you don't have to enter the county, just report the tax paid and dividens, but TurboTax won't let you past this page if you don't select the country. 

How do I enter all 3 countries and all 3 of income/taxes for them?

Thank you!

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9 Replies
MarilynG1
Employee Tax Expert

Foreign Tax Credit - I can't get it to work

If the Foreign Income is from a mutual fund or bank, choose 'RIC' as the Country (Regulated Investment Company). 

 

Click this link for info on How to Enter 1099-Div. 

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ezshopr
Returning Member

Foreign Tax Credit - I can't get it to work

Sorry for the confusion.  I updated my question to be more specific on where I was having the issue.  Any suggestions?

ThomasM125
Employee Tax Expert

Foreign Tax Credit - I can't get it to work

When you enter the foreign tax credit section in TurboTax, you will be asked what countries the tax applies to, and you can pick several countries. Then, when you review your entries, you will be asked which country you want to work on:

 

Just highlight the country you want to work on and then you can enter the income and tax, if not already entered,  for that country:

 

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i20000
New Member

Foreign Tax Credit - I can't get it to work

I have a foreign tax credit carryover from the prior year 2021.  I want to apply this credit towards the interest and dividends earned in 2022. I was going through the below menu to enter the credit:

 

  1. Go to federal>deductions and credits>estimate and other taxes paid
  2. Foreign taxes >start

 

The questionnaire prompts to select the category of income and the amount of tax paid. Are these questions relevant to the prior year 2021 or the 2022? 

 

I did not pay any foreign tax for 2022 but would like to apply the tax credit carryover from 2021. Is there any place where I can just enter the foreign tax credit and complete?

 

The questions on the screens are very confusing?

 

Please help.

 

AbrahamT
Employee Tax Expert

Foreign Tax Credit - I can't get it to work

To access the foreign tax credit carryover screen in the program, here are the steps below.  You would need to adjust the amount if needed.  

  • After sign into your account, select Pick up where you left off
  • At the right upper corner, in the search box, type in foreign tax credit and Enter 
  • Select Jump to foreign tax credit 
  • Follow prompts
  • On screen, "Foreign Tax Credit Carryovers", enter your 2019 amount. See image below

Capture.PNG

 

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i20000
New Member

Foreign Tax Credit - I can't get it to work

Hello Abraham,

 

Thanks for your response.  In your email: See HERE for more details does not show anything.

 

Also when I select the Foreign Income, I get these below 5 screens: 

 

1.What forms were foreign income reported on (The options are: Regular Form W2, Form 1099-MISC, Statement from Foreign Employer and IRS Schedule K1 from Business Partnership)

2. Enter the value of Employer Provided Goods

3. Enter the amount your Employer paid you cash for

4. Whose foreign income would you like to exclude

5. No foreign Income has been entered

 

Since my income was from Dividends and Interests, none of the above screens is applicable to me.

 

So if I press the Continue button , it says the form will be deleted and will take me back to the Income landing table

 

There is no screen for entering the prior year tax credit.

 

Need help please.

 

Thanks,

 

 

 
 

 

 

 

jmkather
Returning Member

Foreign Tax Credit - I can't get it to work

This simply doesn't work!  As the original poster explains, if you have dividend income from more than one country it only lets you enter for one AND the tax number never appears.  Just the income from that country which has ALREADY been accounted for in your brokerage download.

 

as usual, I'm going to have to figure a workaround as TurboTax has NEVER fixed this glitch .  Par for the course.

LindaS5247
Employee Tax Expert

Foreign Tax Credit - I can't get it to work

You can enter "Various" or "RIC" for the countries if there are more than one, and enter them together.  It is acceptable.  Keep all of your documents with your tax records.

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jmkather
Returning Member

Foreign Tax Credit - I can't get it to work

I worked around this glitch by opening the form 1116 and entering the correct countries, income amounts and tax amounts.  That solved my problem and made my tax forms ccurate.

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