turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Adj Basis of Tot Inv Ast shouldn't be less than or equal to zero?

TT will not complete the error check without me giving a non zero number here and also a non zero number for foreign investment assets .  this number than seems to go into the form 1116 worksheet.

I have a simple tax return with some mutual funds that generated passive income dividends that had some foreign taxes paid

 

Im re-asking this question because prior answers didnt answer the question

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply

Adj Basis of Tot Inv Ast shouldn't be less than or equal to zero?

If TT raises an issue regarding “investment interest expense” and it is not relevant, here is a work around.

 

investment interest expense =0

adjusted basis of investment assets generating foreign income =0

adjusted basis of total investment assets = 1

TT will divide zero by one which equals zero and that should clear the error.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies