- if you have just two mutual funds that get identified as RIC on form 1116 can you just make a single entry and add the two numbers?
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Yes, that is fine. If you make two separate entries, it will end up added on the form anyway.
Yes, that is fine. If you make two separate entries, it will end up added on the form anyway.
My data has the foreign tax credit from Box 7 of my 1099 shown on line 33 of form 1116 but an error comes up that this should be zero. How do I correct this information since I am not allowed to e-file my return until this is corrected so where do I go to make the correction. It is shown that I do not need to file form 1116.
The easiest way to correct the error is to remove the Box 7 from the 1099 if it is a small amount and you do not want to claim it.
I have the problem where the $45 foreign tax credit is showing up on Form 1116 on line 3. What should I do if I want to keep the tax credit?
My submission was reject because "Form 116 (copy 2) ForeignTax Credit is not marked/entered.
I did not see such box while working on taxes.
Thanks everybody for your comments, everything is ok now.
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