topic Foreign tax credit in Deductions & credits

Foreign tax credit

alakcasu — Thu, 06 Jun 2019 09:17:07 GMT

It says I have a foreign tax credit, but I don't know where that is coming from. I shouldn't have a foreign tax credit to my knowledge.

This typically occurs when you own a mutual fund or limit...

RichardG — Thu, 06 Jun 2019 09:17:08 GMT

This typically occurs when you own a mutual fund or limited partnership that owns foreign stocks or other investments. The partnership or mutual fund pays income tax to a foreign country and then passes the credit for foreign taxes on to its investors. You probably entered the credit from one of the forms reporting investment income.

Re: This typically occurs when you own a mutual fund or limit...

michaeljschaefer — Sat, 14 Sep 2019 21:15:34 GMT

I have the same problem. Checked all my forms and entries to the program, and can't find any evidence of my entering foreign tax. I entered all data manually. Any known bugs in the program re this issue?

Thanks

Re: Foreign tax credit

Ryszard — Fri, 31 Jan 2020 20:52:41 GMT

I received a pension in Poland and paid 20% of tax. Please help me to fill up form 1116 and get foreign tax credit

Re: Foreign tax credit

Ryszard — Fri, 31 Jan 2020 20:56:35 GMT

I received a pension in Poland and paid 20% of tax. Please help me to fill up form 1116 and get foreign tax credit. I asked for your help several times ---I chatted with Christian but we got disconnected. I hope that this time somebody will really help me.

Re: Foreign tax credit

LinaJ2020 — Fri, 31 Jan 2020 21:03:39 GMT

If you do not believe the foreign tax credit applies to you, you can simply remove the Form 1116 Foreign Tax Credit from the program. In TurboTax online, here are the steps:

1. Sign in to your account, select Pick up where you left off

2. To your left, Select Tax Tools/drop-down menu

3. Select Tools

4. Under Other helpful links, choose to Delete a form

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

@alakcasu @ michaeljschaefer

Re: Foreign tax credit

LinaJ2020 — Fri, 31 Jan 2020 21:10:18 GMT

To prepare a Form 1116 in the TurboTax program, here are the steps:

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

@Ryszard

Re: Foreign tax credit

Ryszard — Sat, 01 Feb 2020 13:56:19 GMT

Many thanks for your reply.

However, I want to fill up Form 1116 Foreign Tax Credit but I cannot get to the form. I will appreciate your advice how to do this.

Rett Ludwikowski

Re: Foreign tax credit

LinaJ2020 — Sat, 01 Feb 2020 15:20:39 GMT

What do you mean by fill-up the form? Do you mean manually entering information on the form? If you follow my instructions from above and answer the step by step interview questions correctly, the program will generate the Form 1116 ready for you to file. It will be well prepared for you to file and you do not need to fill in any information on the form. If you are referring to change the information on the form, please continue to read:

If you are using TurboTax online, you will not be able to view the form unless you have paid. In the online version, you can only edit information on Form 1116 by changing the answers to those interview questions.

If you are using the desktop version, you can access the Form 1116 by selecting the Forms mode, to see how to get there, click here Forms mode. While in the Forms mode, you can override the numbers on the form. Please note that when you have the option to override the numbers that are already on the form, however, you will not be covered under our 100% accuracy guarantee. To see how to do so, click here override.

@Ryszard