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Level 2
posted Mar 11, 2025 3:53:44 PM

Form 1116 only picks up one country's interest income and ignore another country's rent income thus understating the tax credit. How to fix this?

All the information for the rental property is properly filled out in the online version of TT. The country's name appears in column C of form 1116 but none of its data. The FTC is therefore lower than it should be. How to correct this?

0 2 1860
1 Best answer
Expert Alumni
Mar 13, 2025 9:50:03 AM

Has country income and taxes paid been correctly reported?

 

You are likely able to view the country which reported the rental income at the screen Country Summary.

 

 

Have you reported Gross Income at the screen Other Gross Income?

 

Have you reported Foreign taxes paid at the screen Foreign Taxes Paid?

 

 

 

 

2 Replies
Expert Alumni
Mar 13, 2025 9:50:03 AM

Has country income and taxes paid been correctly reported?

 

You are likely able to view the country which reported the rental income at the screen Country Summary.

 

 

Have you reported Gross Income at the screen Other Gross Income?

 

Have you reported Foreign taxes paid at the screen Foreign Taxes Paid?

 

 

 

 

Level 2
Mar 13, 2025 11:50:08 AM

Thanks. The Country Summary page never appeared, but I was able to enter to the gross income data, etc. manually without issue. Odd that it simply doesn't pull the data already entered in the Wages & Income section  for rent like it does for interest income. Anyway, all good now.