I claimed a foreign tax credit, but TT Premier did not produce a form 1116. The dividend was from Canada. Any suggestions?

[jimcz0927]

I claimed a foreign tax credit from a 1099-DIV, but TT Premier did not produce a form 1116. The dividend was from Canada. Any suggestions?

[rogge1722]

Did you go through the foreign tax interview?

[jimcz0927]

Yes.  The whole thing.  Three times.  This is my first year using TT.  In the past my accountant showed the country as "Various" on this Dividend.  Could this be the issue?  I actually listed the country as Canada?

[rogge1722]

Do you qualify for the $300/600 exemption?

[jimcz0927]

I have no idea what that is.  TT didn't mention that in the interview.  The foreign tax I paid was $119 and the 1040 shows that as a credit

[BobinCT]

Well, if you have only $300 (if you're single) of foreign taxes taken from your dividends then you can just enter that and you're done.  But prepares often charge a lot for producing an 1116.  Maybe you really did need one last year, but you don't this year.

[jimcz0927]

Thank you all.  You have been a big help.

[rogge1722 · Accepted solution]

I forgot to add one more issue. Due to a flaw this year, bring up the 1099-div worksheet. Scroll down to box 6d. It is highlighted in red. Type in a zero and it will turn yellow. 

[rogge1722]

If line 48 of the 1040 displays the $119 as a credit, then you are done. TT by default will insert the credit and no F1116 is generated because of the exemption. For details of the exemption, see F1116 instructions on the 1st page.