3507471
Every year I post the same complaint. Turbotax is a complete failure in handling input for the form 1116 and foreign tax credit... Thus not maximizing my deductions!! Issue: have three financial accounts with Foreign Taxes paid. Foreign Taxes paid originate from three different countries. Once I enter the 1st country and check the box for one of the financial accounts, that financial account is no longer available for Foreign Taxes Paid from another country. Once again I must go into the Forms tab (skip the step by step) and create the form like you would on paper circa 2005. Then put up with overriding Turbotax summary conclusions that there are issues with the Form 1116. This is so frustrating!!!
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To clarify, are all three accounts reported on one 1099 form or are there three forms?
Yes, 3 different 1099s. Each one has 2 countries and these countries overlap onto multiple 1099s
Report the three 1099's separately. When the follow-up questions appear, pick RIC or various as the country because you can make only one entry in this section.
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