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foreign tax credit

Bink33gas — Fri, 06 Mar 2020 22:00:25 GMT

I don't know whether to fill out form 116 itemizing my foreign income from stocks, investments. I have a total of 3 accounts with reported foreign income of $1367.58, $930.39, and 23.08. All taxes have been paid. If I don't itemize, I get a tax credit of $128.00. I have no idea what countries are involved.

Re: foreign tax credit

rogge1722 — Fri, 06 Mar 2020 23:57:41 GMT

From what you describe, you have a total of $128.00 of foreign tax paid. If that amount is already posted on form 1040 line 13b, then you have used the exemption and no further action is necessary with regard to foreign taxes.

Re: foreign tax credit

freezewall10 — Sun, 15 Mar 2020 21:56:31 GMT

I have same problem. Checked line 13b and it remains 0 no matter how I enter the relevant foreign tax payment information.

Re: foreign tax credit

KarenJ2 — Mon, 16 Mar 2020 15:34:55 GMT

Did you enter your dividends and capital gain distributions as well as the foreign tax on this income in the dividend section of TurboTax.? Do you have foreign tax paid for passive income $300 or less or $600 if married filing jointly.