K-1 has foreign tax paid and Turbotax is deducting it on Schedule A. How do I get a tax credit via form 1116?

Randy149 — Tue, 16 Mar 2021 22:49:33 GMT

I am already filing form 1116 based on 1099-div foreign taxes....why doesn't TT add the k-1 tax to this?

Re: K-1 has foreign tax paid and Turbotax is deducting it on Schedule A. How do I get a tax credi...

DaveF1006 — Wed, 17 Mar 2021 22:25:28 GMT

Depending on the type of K-1 income that the foreign tax credit was based from, it may need to be reported in another category of income. Your Supplemental Statements that came with your K-1 may have this information.

1099DIV is passive income that comes from INT and DIV foreign income and requires its own 1116. If the income from your K-1 is from another category of income, then a separate 1116 would need to be generated because may be another category of income. Find out this information.

topic K-1 has foreign tax paid and Turbotax is deducting it on Schedule A. How do I get a tax credit via form 1116? in Deductions & credits

K-1 has foreign tax paid and Turbotax is deducting it on Schedule A. How do I get a tax credit via form 1116?

Re: K-1 has foreign tax paid and Turbotax is deducting it on Schedule A. How do I get a tax credi...