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Election to claim foreign tax credit without filing form 1116 2023 TurboTax

The first draft for our 2023 1040-SR (joint return) was correct;  it included Schedule 3 completed correctly, showing the under $600 total amount of foreign taxes paid (all from a 1099 DIV for a Dodge and Cox International mutual fund) on Lines 1 and 8 and on line 20 of the 1040-SR. But now having made a minor change to correct an error elsewhere (related to US interest on another mutual fund 1099-DIV), the 1040 line 20 and the Schedule 3 are incorrect ("0"); trying to correct Sch 3 simply jumps to 1116. We do not need to complete 1116, per IRS rules. Tried going down that rabbit hole but that doesn't work--leads to incomprehensible numbers. What is the fix?

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1 Reply
AmyC
Employee Tax Expert

Election to claim foreign tax credit without filing form 1116 2023 TurboTax

That should not have affected your sch 3. Perhaps data got misplaced in the program. Follow these steps:

 

Desktop version: 

  1. Delete the form 1116 and remove the foreign tax from the DIV
  2. Save your return while closing the program.
  3. Update the program
  4. Open
  5. Enter the information again.

Online version:

A full or corrupted cache can cause problems in TurboTax, so sometimes you need to clear your cache (that is, remove these temporary files).

For stuck information follow these steps:

  1. Delete the form 1116, remove the foreign tax, maybe the 1099-DIV see How to Delete  
  2. Log out of your return and try one or more of the following:
    • Don't use Internet Explorer.
    • Clear cache and cookies,
    • Sign in using a different browser.
    • Sign in using a different device.
  3. Log back into your return.
    • Enter the information again.

 

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