does turbotax support form 1116 foreign tax credit?

[rackari78]

I have foreign interest rate income and tax is paid to Korea. Form 1116 will handle this tax credit but I don't know how to do this in Turbotax. Does it actually support form 1116 Foreign Tax Credit?

[SharonD007]

Yes, TurboTax supports Form 1116 - Foreign Tax Credits.

To qualify for the Foreign Tax Credit, you must meet the qualifications below:

1. Must be a U.S. citizen, resident alien, or U.S. nonresident alien who is a resident of Puerto Rico for the entire year.
2. Must have paid, accrued, or owe taxes on foreign income that is also subject to federal U.S. income tax.

For navigation instructions, refer to the TurboTax Help article  Where do I enter the foreign tax credit (Form 1116) or deduction?.  For additional review the TurboTax Help articles Claiming the Foreign Tax Credit with Form 1116.

[Mike9241]

You may not even need to do the Form if the fTC is $300 or less for any filing status other than joint. For joint, the limit is $600. You do this by entering the FTC on the TurboTax 1099 form. No other info is entered.  However, if you have a FTC carryforward the form must be completed to preserve it.