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RichiePhilly
Returning Member

foreign tax credit

I own several mutual funds that paid foreign taxes.  I entered the amount from Box 7 into TurboTax and answered all the questions re Form 1116.  But when I hit "Done," TT tells me I get $0 in Foreign Tax Credit.  Why?  (I am a U.S. Citizen, living abroad.  100% of my taxable income is investment income.)

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2 Replies
BillM223
Expert Alumni

foreign tax credit

Try using the IRS' Interactive Tax Assistant for "Am I eligible to take the foreign tax credit?". 

 

This may help you understand the situation. And if not, come back and tell us what the Interactive Assistant said.

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RichiePhilly
Returning Member

foreign tax credit

Thanks for the suggestion.  I did the IRS interview, and it says I'm eligible.  But then I found a boneheaded error I made, which I should have noted before posting.  So ignore my question, and sorry for the disturbance.

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