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hochgraf
New Member

Foreign tax credit is resulting in an error - F1116 1250 gain and collectibles gain must be at least $7 and none no such gains were reported on the fund FTC statement.

 
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2 Replies

Foreign tax credit is resulting in an error - F1116 1250 gain and collectibles gain must be at least $7 and none no such gains were reported on the fund FTC statement.

 This is due to a software error. Bring up the 1040 wks.  Under Part 1, insert zeroes into 1i and 1j.

If that doesn't work, then try this: Verify that 1m = 1f. If that is the case, then so far no adverse effect has occurred. Now insert the asked for amount into 1i and 1j and insert the total into 1h. As long as 1h is not greater than $20,000, there is no adverse effect. In short 1h= 1i +1j. As long as 1m=1f, no harm has been done.
hochgraf
New Member

Foreign tax credit is resulting in an error - F1116 1250 gain and collectibles gain must be at least $7 and none no such gains were reported on the fund FTC statement.

Answer did not help.
Fudged 1i & 1j with $7. No impact to FTC

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