Turbo Tax(TT) seems to have issues with Foreign tax (FT) credit calculations. My taxes are same either I input Foreign taxes paid $2000 or 0. It seems TT have some issues in dealing with Foreign tax credits. The from 1116 page1 only printed, the second page is missing in the forms printed to review the calculations. Looking for help with my issues, updated desktop version as of 9/8/2022.
we can see your return so if the following don't help contact support. for form 1116
1) has a category been selected
2) country even if various entered
3) income from foreign sources in part 1 line 1a
4) paid or accrued checked
5) something for the date paid
6) FTC shown in part II
7) amounts on line 7 ( if 7 is negative you get no FTC) & 8
😎 are these foreign income taxes or could they be foreign real estate taxes?
if this is from foreign earned income have you taken the foreign earned income exclsuion.
Hi Mike,
I need your help in reviewing the form 1116 issues. I have a desktop version. Would you be able to help or how do I get in touch with an expert?
I followed all of your suggestions listed in your email.
Thanks
Arun.
See this TurboTax support FAQ for a contact link and hours of operation -https://ttlc.intuit.com/questions/1899263-what-is-the-turbotax-phone-number
@karunagi , Namaste ji,
Please answer the questions / points raised by @Mike9241 --- these may point to the issue with TT . Which country is your foreign income from, what type of income ( INT, DIV, rent , trust income or what ), what is the gross foreign income, what is approx world income , ?? From your post I am assuming that you are a US person ( citizen/GreenCard/ Resident for Tax purposes) and that the taxes paid is on income ( passive ).--yes?
The more info about the scenario you provide, the more focused the help can be -- else we will be guessing.
pk