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Coach209
Returning Member

Foreign Tax Credit

I use two mutual fund companies, Fidelity Investments and Vanguard, and I imported the 1099-DIV information to TT.  The Vanguard foreign tax credit is showing correctly on IRS Form 1116, Foreign Tax Credit and on the summary 1040-SR.  However, the Fidelity foreign tax credit does not show on this form and nor on the summary form 1040-SR.  

 

I have tried deleting the Fidelity 1099-DIV and re-importing it to TT. This did not correct the problem.

Does this sound familiar? Can anyone help so that the Fidelity foreign tax credit shows? 

 

Thanks to anyone that could help.

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1 Reply
AmyC
Expert Alumni

Foreign Tax Credit

Is your credit limited? Edit your Form 1116 entries since the 1040 should have your correct totals. You should be showing RIC for the source and the country with the total tax paid in one entry.

 

Let me help you start the 1116. 

  1. Log into your return
  2. Select Pick Up Where I Left Off
  3. In the top right corner, locate the Magnifying glass/search  enter the exact words foreign tax paid
  4. Enter
  5. Select the first entry Jump to foreign tax paid
  6. Did you pay foreign tax, select yes
  7. Before we Begin screen, make sure all income is already entered before proceeding, select yes
  8. Continue

 

 

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