Form 1116 Part II foreign taxes date?

Bobbe1 — Wed, 17 Mar 2021 18:11:36 GMT

In the section of the worksheet it asks for a date. I don't see anything with a date on K1 forms. Where is this from and what section should I fill out the K1 box at the end?

Thanks

Re: Form 1116 Part II foreign taxes date?

rogge1722 — Wed, 17 Mar 2021 21:38:14 GMT

Use 12/31/2020 for the date.

Re: Form 1116 Part II foreign taxes date?

LinaJ2020 — Wed, 17 Mar 2021 23:56:18 GMT

If the date does not how on your K-1, you would need to enter the end date of 12/31/2020 on one of the screens while you go through the Foreign Tax Credit section. Here are the steps:

You will have to enter your Schedule K-1 first:

In TurboTax online,

Sign into your tax return, select Pick up where you left off
To the right upper corner, in the search box, type in "k1" and Enter
Select Jump to k1
Follow prompts

Then go through the "Foreign Tax Credit" section. Follow here:

In TurboTax online,

Open up your TurboTax account and select Pick up where you left off
At the right upper corner, in the search box, type in "foreign tax credit" and Enter
Select Jump to foreign tax credit
Follow prompts
On screen, "Foreign Taxes Paid", under Date taxes paid or Accrued, enter 12/31/2020
The date should be transferred to the worksheet.
See image below

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. The amount would be shown on Schedule 3 line 1 and line 20 on Form 1040.

topic Form 1116 Part II foreign taxes date? in Deductions & credits

Form 1116 Part II foreign taxes date?

Re: Form 1116 Part II foreign taxes date?

Re: Form 1116 Part II foreign taxes date?