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Option-1
New Member

I completed the Foreign tax credit questions "Estimates and other taxes paid" but Form 1116 was not populated. Seems like a problem. anyone else have this issue?

I entered the foreign taxes paid from the 1099 DIV. Why wasn't form 1116 populated?
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3 Replies
pk
Level 15
Level 15

I completed the Foreign tax credit questions "Estimates and other taxes paid" but Form 1116 was not populated. Seems like a problem. anyone else have this issue?

@Option-1 ,  please can you tell more  about the steps you followed :

While I am not familiar with the on-line product screens, the path should be  pretty similar to the desktop  ( I have  windows desktop Home & Business ) version.

1. Once you are in the  "Foreign Tax Credit" section,  there is a selection for "deduction" or "Credit" -- you choose Credit

2.  if your total Foreign Taxes paid is more than US$600 ( US$300 for a single filer),  you should see a screen telling you that you have to fill out form 1116.

3. Thereafter it should ask for whether the  Foreign source is RIC or "other" -- if you choose "other" it should ask for the country involved.  It will walk through ( for each dividend reported ), the foreign amount, the country/RIC and Foreign tax amount.  Did you go through this portion?

Please , provide details so I can see where you are.    Last step would be to go to forms mode and check the  form 1116 ( copy 1 through xx ).

There is also an area where  you have to declare whether the FT was "accrued" or "paid" and if paid , the date.

I will circle back once I hear from you ---yes ?

Option-1
New Member

I completed the Foreign tax credit questions "Estimates and other taxes paid" but Form 1116 was not populated. Seems like a problem. anyone else have this issue?

I reviewed the IRS instructions for Form 1116 and concluded that my foreign tax credit is $0.  Apparently, the TurboTax online doesn't populate Form 1116 if the tax credit is $0.  It would be nice if TurboTax would show the calculation.

pk
Level 15
Level 15

I completed the Foreign tax credit questions "Estimates and other taxes paid" but Form 1116 was not populated. Seems like a problem. anyone else have this issue?

@Option-1 , you are correct it would be nice to know the reason for not triggering form 1116.   You say you have no allowable FTC or  that the US tax on the foreign source income is zero ?   I saw one case where the   foreign rental income under US laws was negative/ no tax but under the foreign country tax laws attracted Foreign Tax.  Again TurboTax did not explain to the user why no form 1116.

 

Is there more one of us can do for you ?

 

If not then till next year

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