topic Foreign tax credit in Deductions & credits

Foreign tax credit

Xantippe — Mon, 09 Mar 2026 09:05:10 GMT

I have 2 K-1s showing foreign tax paid in box 21. I have entered those numbers in the K-1 section of income. TT says I have -0- foreign tax paid. The K-1s don't show specific amounts of foreign income. Do I have to enter the taxes paid manually and, is so, where?

Re: Foreign tax credit

Mike9241 — Sat, 05 Mar 2022 06:58:05 GMT

you need k-1 schedule k-3 to complete the foreign tax credit. as of today, the IRS has not formalized the form so it won't be in your k-1 package. tentative date for IRS release is 3/22 but then the partnerships must prepare and release them and then Turbotax has to support it in its products which requires IRS approval.

see this IRS link

https://www.irs.gov/e-file-providers/schedules-k-2-and-k-3-interim-electronic-filing-for-tax-year-2021

you may be forced to prepare your K-3 manually (downloaded from IRS website) and enter the results in TurboTax which will require you to file by mail.

Re: Foreign tax credit

Xantippe — Mon, 07 Mar 2022 22:56:38 GMT

Thanks for such a prompt reply. If I go to Forms (from Step by Step) and enter manually the amount (under $300) on line one of schedule 3 of Form 1040, will that prevent me from filing electronically?

Re: Foreign tax credit

ErnieS0 — Tue, 08 Mar 2022 01:21:05 GMT

Yes. The only way to enter an amount on Schedule 3, line 1 would be to override the field. An override will prevent you from e-filing and will void the TurboTax 100% Accurate Calculation Guarantee.

The line also says Form 1116 required. It's likely the IRS will not process your return without Form 1116,