Foreign Taxes

[roscoedillon]

On my last step before filing my taxes and TT is in a loop that I can't get out of.  My brokerage reported dividends from 6 countries and subsequent foreign taxes.  Things are not going right here...my discussion below is VERY detailed so hopefully someone can tell me if TT is acting up or if it's operator error:

• I get to the section in TT where it asks me where I received dividends from with boxes to populate with the countries.  I enter all six countries (country 1 is Spain...important later...country 2 is Canada) and select "Continue".
• On the next page TT tells me to "Select a country from the list below on which to report each Form 1099-DIV".  I select the first on on the list (Spain) and click on "report Income".
  Since I only have one 1099-DIV so I select it on the next page and "Continue
• TT presents me with a box to enter an amount...so enter Spain Dividends and select "Continue"

Here's where it gets weird.  The next page tells me that I've ..."completed reporting all copies of Form 1099-DIV to a country.  Do you want to review your entries.?"  

• If I say "yes" it takes me back to the original country list...except Spain is the only one listed, the rest have been deleted.  If I change Spain to Canada for example, it replaces the Spain data, not adds to it. 
• If I say "no" it asks me a question that I answer and then it asks me my country of residence in 2024.  I put in US and "continue"...aq question about carryovers...then it basically tells me I'm done.  Nowhere am I asked to enter data from the other 5 countries.  But it ells me that my foreign tax credit is $YYY which is correct.

I know this isn't right having done this in previous years, but the Tax credit number is correct so I know I'm not defrauding anybody, I'm just afraid of some silly audit based on admin data due to a TT bug.

Thoughts? 

[Mike9241]

if you got 1 1099 for all these dividends then you can only enter the following

1)the foreign taxes for that country

2) the column on the 1116 assigned to that country each county must get a unigue column which may require multiple 1116s (only 3 countries to one 1116)

3) the foreign source income from that country

4) each country's info must be reported on a separate 1099-div

so with 6 countries, you'll need to do 6 1099-div on the first report everything and the first country. On the other 5 1099s report only that country's info and the assigned column and form 1116

I don't know the tax consequences if one or more of your countries needs special tax treatment. but ti save work combine all the foreign taxes and foreign income amounts. using 1 column on the 1116 and for the country use various. 

[roscoedillon]

Logically that makes sense...however TT won't let one enter the data that way.  I can only add dividends for one country.  Then it says I'm done.  Never get to the tax part.  Something in TT (I think) is jacked up.  Bottom line is the TT-reported Foreign Tax credit is correct...but the underlying administrative data is not.