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Do you prepare form1116?

have items box 16 from ki
1 Reply
Level 5

Do you prepare form1116?

Yes.  After you enter the information, you can follow the instructions below to enter data for Form 1116 Foreign Tax Credit.

While inside the software and working on your return, type foreign tax paid in the Search at the top of the screen (you may see a magnifying glass there).  There will be a popup that says Jump to foreign tax paid.  Select that to get to the general area.  

Follow through the screens and answer the questions. There will be several questions, just keep going and you will be able to enter the taxes and choose whether you want the credit or deduction.

FYI - The credit nearly always works out better.

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