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sonia89
New Member

I read that TurboTax cannot be used to fill 1116 if taxes paid in foreign currency and need be converted to US$. I am converting from CA$ and filling 1116 from 2009.

Cannot i continue to fill 1116 for Canadian taxes?
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I read that TurboTax cannot be used to fill 1116 if taxes paid in foreign currency and need be converted to US$. I am converting from CA$ and filling 1116 from 2009.

TT can fill out form 1116 using USD.  After you finish your tax return, you will print out form 1116. You can fill in by hand  Part 2 in the foreign currency section. Also the IRS will need a statement with an explanation on how the conversion rate was calculated. For that reason, you will file a paper return.

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