I am trying to enter data for foreign tax credit. I have two imports from Fidelity both with foreign tax. One is for RIC and the other has foreign income in 3 countries. When I select first country for one if the imports, and input only the amount of that country, then turbo tax does not let me enter data for the additional countries, but only shows me data for the other import. In addition to foreign tax paid on 1099 imported, I have otehr foreing income tax that I want to get credit for.
Can somebody explain how do I have to proceed?
Thanks
You'll need to sign in or create an account to connect with an expert.
For one 1099-Div, use Country 'RIC' or 'Various' to combine the amounts of foreign income. Otherwise, you will need a separate Form 1116 for each country, which is inappropriate since the foreign tax was combined on one document.
Here's more info on Claiming the Foreign Tax Credit.
Thanks for answer. But if I follow your suggestion, which is what TT forces you do do, I will not follow the law which requires separate reporting by country.
I think this is a bug that should be fixed. And I saw another person posting a similar complaint
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
nelliskev
New Member
drsandeepjain
New Member
wangqi62551
New Member
NonnaK
New Member
gciriani
Level 2