How do I move foreign taxes paid from Schedule A to Form 1116?

[Hearsh]

I also use Form 1116 to get credit for foreign taxes paid. I finished my taxes and noticed that they went to Schedule A instead. How do I delete them from Schedule A and report them on form 1116?

[tagteam]

@pk ?

[pk]

@Hearsh , while I am not at all familiar with TurboTax On-line screens and processes, I need  to know  the screen where   ( i.e.   in connection with what type of income -- property tax,  W-2, interest, dividend  etc. )) you entered this taxes paid.   Note that if you enter  foreign taxes paid  , the very next screen will ask you whether you want  foreign tax credit ( the amount then heads towards from 1116 ) or deduction  ( in which case it heads towards  Schedule-A ) --- thus my need to knwo the type of income and what  you chose as mechanism  to ameliorate the effects of double taxation.

I will await your answert 

pk

[Hearsh]

I always use the Form 1116. I must have inadvertently clicked Schedule A. When I went back it wouldn’t let me make the change.

[Hearsh]

I able to get back to being able to make a choice between using a Form 1116 or Schedule A. However, I try to go through the 1099 questions, the program goes wonky. I had the same problem last year and I think it is because I have foreign taxes paid on two 1099s. I believe I had to go into the form and enter all my information manually. Any other solution?

[pk]

@Hearsh , yes you can correct the error on the worksheet of the Schedule-A.

But , if your foreign taxes paid  is under US$600  ( US$300 per filer ) then you could always use the safe harbor rule m--- full amount  allowed in the year and NO need for the limitations  on form 1116  ( which limits your current year allowable amount based on a ratio of foreign income to world income.

Does this make sense ?

If you still have issues and  to further pursue the matter, you are welcome to PM me   with details and figures  ( NO personally iidentifiable information, please ), so I can simulate and see why  TurboTax thinks it is correct.

pk

[Hearsh]

I have more than $300 in foreign taxes and more than $10,000 in Schedule A deductions so I would think that Form 1116 would be better to use. As I said TurboTax seems to have a problem when you have more than one 1099 which have foreign taxes from a country or more than one country on a single 1099.

Is it OK to manually enter information the Foreign Tax Credit Computation Worksheet and under each country combine foreign tax and foreign income  from 2 countries?

[pk]

@Hearsh , while working on any worksheet, just be careful and use only the entry boxes  and NOT the calculated entries.   My favorite way of doing these things is to click on the entry  box , , click on the + sign or  right click and from the drop down box select  " entry worksheet/ notes " or something to that effect.  This opens up a table entry form , where I enter the details  ( for example  --- country #1  --> 400, country #2 --> 500 etc. etc). The total of all these entries  is then transferred automatically to the form worksheet. This has the advantage of a memory aid / documentation as to how I arrived at the entry  -- it is kept for " tour records" as are the worksheets.   I even enter exchange rates  this way  to help  in case of an audit. .

Hope this helps

pk