I had a Canada RIF distribution and 15% withholding tax in 2025. In Turbo Tax (Desktop Premium version), I reported the income (as passive income) and claimed foreign tax credit in Form 1116. When I did the final eFile, three errors kept popping up for: 1) Adjusted basis for passive activity assets, 2) Adjusted basis of total investment assets, 3) Adjusted basis for total business assets. The pop ups kept telling me that the spaces should not be less than or equal to zero. But when I read the instruction, I had no adjustment and so I entered "zero".
What should I put into these spaces in order to eFile. What is meant by these "adjusted basis"
Please help.
You'll need to sign in or create an account to connect with an expert.
@user17742867971 , you seem to be doing the correct thing -- there should be no adjustments. Perhaps you can try deleting everything in those boxes and leave them blank. Let me know if that solves the issue. I am assuming here that this is the only Foreign Income and Foreign Tax you are reporting.
Look forward to hearing from you
Thanks for giving me guidance.
I tried to clear the boxes and left them blank, but I still could not proceed any further. The system forced me to enter a positive number (cannot be negative or zero). In order to proceed, I enter $1 into these boxes. I was able to proceed and finish the turn return.
I think this is the best we can do. Thanks again.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
kms2270
New Member
jbruno72
New Member
lynleyy
New Member
kpg102
New Member
jf4evr
Level 1