topic Tax credit wrong in Get your taxes done using TurboTax

Tax credit wrong

Aeschylus99 — Thu, 04 Mar 2021 19:20:16 GMT

I need to change my tax credit on line 25b to zero.

Also, I need to change foreign tax credit to zero. I had no foreign interests.

Re: Tax credit wrong

LinaJ2020 — Thu, 04 Mar 2021 21:24:37 GMT

If you are referring to a Form 1116 and if it does not apply to you, you can simply remove it from the program. Here are the steps:

1. Sign into your account, select Pick up where you left of

2. Select Tax Tools, click on the drop down arrow

3. Select Tools

4. Under Other helpful links, choose Delete a form

5. Select Delete next to Form 1116 and Continue with My Return

If you have paid taxes to both foreign and the US tax authorities, the IRS allows you to claim a foreign tax credit on your US tax return. To claim this foreign tax credit, you would need to file a Form 1116 Foreign Tax Credit. Make sure there is nothing reported on line 1 of Schedule 1.

Re: Tax credit wrong

Aeschylus99 — Sun, 07 Mar 2021 17:58:56 GMT

I have no idea why Turbotax thinks I had any foreign tax credit. I had no business in another country. I'm thinking that Fidelity may have submitted some false information. I didn't enter it.

Re: Tax credit wrong

DaveF1006 — Mon, 08 Mar 2021 20:26:32 GMT

Usually foreign tax paid are recorded in forms 1099-INT or 1099-DIV. Look on line 6 if you have a 1099-INT or Line 7 if you have a 1099-DIV. If the total amount is $300 or less, there are no additional reporting requirements. if more, then you will have to report a 1116 in your return to claim a foreign tax credit for taxes paid.

Let me know what you find out and I can advise you further.

Re: Tax credit wrong

Aeschylus99 — Tue, 09 Mar 2021 02:05:34 GMT

Thanks. I started the tax return over again and the foreign tax credit didn't appear. So my taxes are done! The amount of the credit was far under $300 anyway, so there was nothing more to do. I"ll probably never know how my first return got all that extraneous information entered into it. I do appreciate your efforts.