Form 1116 - foreign tax paid on 1099 Div

[jnoelle]

entered info from 1099-Div, including Box 7 - foreign taxes paid -  for an international Mutual
Fund, run by US company 

Entered info on TT interview questions for foreign income associated with this MF

Form 1116 Part 1 lists the foreign income as I entered it under 'taxable income or loss'

Form 1116 Part II 'foreign taxes paid or accrued' smart worksheet box checked for 'includes foreign taxes paid on a 1099-Div'

In the table below that on Form 1116, the source (Mutual Fund) is listed but there is no entry for the tax paid. 

the interview process specifically says enter tax paid only if not previously entered on a 1099-Div. 

there is no foreign tax credit on my return on Form 1116

is there some kind of explaination? or is this a bug?

[DaveF1006]

If your foreign tax credit is less than $300 if filing single or $600 if filing jointly, you will not have a Form 1116 filing requirement and this might be the reason why it isn't being recorded on Form 1116. You can check to see though if you are receiving a foreign tax credit.

1. Log into Turbo Tax
2. Once you are in your return, look at the left navigational pane on your return and select Preview My 1040
3. Scroll down to Schedule 3, Additional Credits and payments, Part 1 line 1 and see if there is an amount listed for Foreign Tax Credit.

@jnoelle 

[jnoelle]

@DaveF1006 I have a 1116 filing requirement due to foreign earnings and know it must be filed. I selected the appropriate answers in the questionnaire.

Form 1116 is filled out fine for all foreign earnings and taxes paid, both general earnings and passive as I entered.

Form 1116 issues I have are ONLY for my US based mutual fund where the foreign tax was entered in 1099- Div.

Form 1116 lists "ric" as described in my original post, but there is no numerical entry on the form reflecting the foreign tax paid as entered 

the interview process specifically says enter foreign tax paid only if not previously entered on a 1099-Div. 

I confirm again that there is no credit showing anywhere (on schedule 3 or form 1116 totals) reflecting the foreign taxes paid as entered from 1099- div

I think this is some kind of bug.

[DaveF1006]

At this point, we may need to look at your file to pinpoint the specific issue you are having regarding the 1099 DIV issue. What we are going to ask you to do is to share your tax return information  with all your personal information scrubbed clean.  All we will look at is the numbers in the return.

If you are using the online version. go to tax tools>tools>share my file with agent. ponce you select this, you will receive a token number.  What is that token number.

If you are using the software, go online>share tax file with agent. Press send at the next screen and this will give you a token number.

@jnoelle 

[jnoelle]

thanks for your reply @DaveF1006 

I deleted the 1099-div entries and the passive income/taxes paid and then re-entered everything from fresh.

that seems to have fixed the problem.

the foreign taxes as reported on the 1099-div are showing

[pomme4argent]

I'm having a similar problem. Re your sentence "the interview process specifically says enter foreign tax paid only if not previously entered on a 1099-Div", what did you do? Did you follow the interview instructions and NOT enter amount on form 1116?

[jnoelle]

on my first pass, for those reported on 1099-Div I did not enter them in the 1116 interview section, as instructed. however, they didn't show up on the Form 1116. I did have other non 1099-Div entries that were correct showing on Form 1116 though.

To fix it (although I can't tell you why it worked), I went back to the 1099-div interview questions, deleted my answers for Div 1099 forms that had foreign taxes and then re entered them fresh in the 1099-div interview.

Those that were reported on a 1099-Div then DID show up on the form 1116 then.

I found it helpful to open the form 1116 and look at the entries there when verifying that the system was putting things in the right place. good luck!

 @pomme4argent 

[pomme4argent]

Thanks for the info!