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hstas
Returning Member

Is Form 1116 required?

I have a very, very small amount to report for Foreign Tax Paid on my 1099-DIV and TurboTax is prompting me to upgrade to file a Foreign Tax Credit (Form 1116). My questions are:

 

  • Is it required that I file Form 1116? My research has pointed towards this form being optional.
  • If it is not required, how do I bypass TurboTax's automatic prompt to upgrade if I do not wish to use file this form?

This form is the only thing preventing me from finishing my taxes. Any insight would be welcome. Thanks in advance.

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2 Replies

Is Form 1116 required?

other than married filing jointly if FTC from passive sources (dividends, interest) is less than $300 the 1116 is not required. for MFJ it's $600.  make sure on the 1099 div the only FTC info entered is the FTC and country - do not link to 1116

 

hstas
Returning Member

Is Form 1116 required?

Thank you for your response. I fit the requirements you described for the form not being required. To clarify, I am not required to fill in Box 7 for Foreign Tax Paid? I am not sure of any other link.

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