1647610
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.)
You'll need to sign in or create an account to connect with an expert.
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.
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.
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.
gthorne8
New Member
Matttree
New Member
tonyych
New Member
sshah202020
New Member
aprilshowersrt75
New Member