Completing Tax Form 1116

[UptownR]

I've updated Turbo Tax software today. I am trying to report Foreign Taxes paid, as noted on a 1099-DIV, but TurboTax keeps telling me that I need to work on Tax Form 1116 when I review my taxes before filing.  Then it says that if the forms are not available, they will help me complete them on the date shown below, but no date is listed.  Any ideas if and when Turbo Tax will help me complete the form? 

[MarilynG1]

Did you have a Foreign Tax Carryover from 2020?

If not, and if the Foreign Tax reported on your 1099-Div is a small amount, go back to your 1099-Div entry and delete the Foreign Tax amount from that field to elect not to claim it and be able to Efile now.

If you do want to claim the Foreign Tax (or had a carryover), that version of Form 1116 will be available on 03/31/2022. 

Since you are using TurboTax Online, try closing the program, clear  your Cache and Cookies  and go through your 1099-Div entry again to see if you get the error in Review again. 

[UptownR]

It is a small amount (under $20). Is it true I don't have to report it if it's under $300?

[MarilynG1 · Accepted solution]

Actually, the Foreign Tax Credit is a tax you paid that you want to get credit for, so the IRS doesn't mind if you don't want to claim the credit!

You may be thinking of Dividend Income, which you may not get a 1099-DIV for if it's under $20.  However, since this is income, the IRS wants you to report it.

Here's a link on How to Enter a 1099-DIV.