topic Re: foreign tax credit in Get your taxes done using TurboTax

Re: foreign tax credit

Bsch4477 — Wed, 14 Feb 2024 19:17:13 GMT

If all your foreign-taxed income was 1099-reported passive income, such as interest and dividends, you don't need to file Form 1116, provided that any dividends came from stock you owned for at least 16 days.
Single filers who paid $300 or less in foreign taxes, and married joint filers who paid $600 or less, can omit filing Form 1116.

Check Schedule 3 line 1 to see if you got it automatically.

Re: foreign tax credit

Ellis0822 — Wed, 14 Feb 2024 21:01:40 GMT

Hi,

I did not receive the credit automatically. There is no schedule 3 prepared for my tax forms and it is not showing up on the tax and credit section of my 1040 form. Is this a glitch in Turbo Tax?

Re: foreign tax credit

DaveF1006 — Thu, 15 Feb 2024 16:02:46 GMT

To clarify, how much was your foreign income and where was it reported?

@Ellis0822

Re: foreign tax credit

Ellis0822 — Thu, 15 Feb 2024 20:23:20 GMT

The foreign income is included in the lump sum dividend amount on my 1099 Div. The actual amount of the foreign income was $180 and foreign tax paid was $18. We aren't talking about a lot of money. Does the credit not apply if I owe no taxes?