Form 1116 (error?) - "Foreign Tax Credit Comps Wks...
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
joezed75
New Member

Form 1116 (error?) - "Foreign Tax Credit Comps Wks: Paid/Accrued Boxes must be entered

Hi,

I am filling out Turbo Tax exactly as a did last year. This year, I am getting an error in Smart Check that I have no idea how to fix, and thus I cannot file:

The error takes me to the1116 worksheet but I don't know how to fill it out and it was never a problem before.

 

My wife and I have over 10K in a foreign bank account. It earns no interest. That's it. We fill out an FBAR every year. I have checked off the boxes that say we have a foreign bank account and foreign assets.

 

Help!

7 Replies
LinaJ2020
Employee Tax Expert

Form 1116 (error?) - "Foreign Tax Credit Comps Wks: Paid/Accrued Boxes must be entered

 The issue has been submitted and is currently under investigation.  If you would like to receive an update for the progress, click on the following link to get notified:

 

Form 1116 reject error

 

If you have paid taxes to both foreign and the US tax authorities, the IRS allows you to claim a foreign tax credit on Form 1116 along with your US tax return.  The amount will show on Schedule 3 line 1 and line 20 on Form 1040.  

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
jayhawkgirl107
New Member

Form 1116 (error?) - "Foreign Tax Credit Comps Wks: Paid/Accrued Boxes must be entered

I have not entered any foreign taxes paid but TT is thinking I did.  Now what.

LinaJ2020
Employee Tax Expert

Form 1116 (error?) - "Foreign Tax Credit Comps Wks: Paid/Accrued Boxes must be entered

If the foreign tax does not apply to you, you can simply remove a Form 1116 from the program.  Here are the steps:

In TurboTax online, 

  • Sign into your account, select Pick up where you left off
  • From the left menu, select Tax Tools, click on the drop down arrow
  • Select Tools
  • Under Other helpful links, choose Delete a form
  • Select Delete next to Form 1116 and Continue with My Return

If you have paid taxes to both foreign and the US tax authorities, the IRS allows you to claim a foreign tax credit on Form 1116 along with your US tax return. If this does not apply to you, you do not need to file this form.

 

@jayhawkgirl107

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
joezed75
New Member

Form 1116 (error?) - "Foreign Tax Credit Comps Wks: Paid/Accrued Boxes must be entered

Hi,

I am using the software version (not the online). Any suggestions?

d__wood
Returning Member

Form 1116 (error?) - "Foreign Tax Credit Comps Wks: Paid/Accrued Boxes must be entered

Getting exact same issue/error msg here on the desktop version.

 

No problem with past years submissions and did not pay any foreign tax in 2020.

LinaJ2020
Employee Tax Expert

Form 1116 (error?) - "Foreign Tax Credit Comps Wks: Paid/Accrued Boxes must be entered

If the foreign tax does not apply to you, you can simply remove a Form 1116 from the program.  Here are the steps:

 

In TurboTax online, 

  • Sign into your account, select Pick up where you left off
  • From the left menu, select Tax Tools, click on the drop down arrow
  • Select Tools
  • Under Other helpful links, choose Delete a form
  • Select Delete next to Form 1116 and Continue with My Return

If you have paid taxes to both foreign and the US tax authorities, the IRS allows you to claim a foreign tax credit on Form 1116 along with your US tax return. If this does not apply to you, you do not need to file this form.

 

@d__wood

 

 

To remove the form from your desktop program, follow here:

  • Open up your tax return if you have not already done so.
  • At the right upper corner, select Forms 
  • To your left, you would see a list of all the tax forms and worksheets, scroll down and select Form 1116
  • While Form 1116 appears to your right, at the bottom of the screen, select Delete Form

 

@joezed75

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
d__wood
Returning Member

Form 1116 (error?) - "Foreign Tax Credit Comps Wks: Paid/Accrued Boxes must be entered

Thanks. While I did not pay foreign tax in 2020 I did have foreign income from an overseas rental property.

 

Should I still delete the form? There are multiple entries on other lines throughout the form including carryover values from 2019.

Dynamic AdsDynamic Ads
v
Privacy Settings