2602636
I want to show Foreign Tax Paid on Interest in Form 1116 Part II section (Foreign Tax Paid or Accrued) - column (s) (Interest). I've seen my CPA done that in past but Turbo tax has no such option to enter Foreign Tax Credit (FTC) for Interest but for Rental and Others. I saw the help articles suggesting I put the FTC tax paid on Interest during 1099-INT entries but I really want to keep the consistency in my returns with previous years.
I've to use FTC credit for both rentals and interest taxes paid. Please help in showing the way on how to get this done so I can enter data in both column (r) and column (s) of Form 1116 Part II section (Foreign Tax Paid or Accrued) .
You'll need to sign in or create an account to connect with an expert.
TurboTax is designed so that you don't have to make entries directly on the forms in most cases.
If you reported 'Foreign Tax' on a 1099-INT entered in the Income section, that amount carried automatically to the Foreign Tax Credit section. Just enter the amount of interest income associated with the Foreign Tax in the Foreign Tax Credit section.
If you didn't receive a 1099-INT, enter the foreign interest as if you had received one.
Click this link for more info on Reporting Foreign Interest Income.
Note: Ignore this post and see the next post as I was able to resolve the issue.
Thanks for responding me and also guiding me where to enter 1099-INT Foreign Tax Paid. I am not seeing the tax amount in FTC even after entering tax amount in 1099-INT.
Attached image shows both data entry and the results on the form. I could not find tax got adjusted anywhere on the generated form. I'm still not sure how properly use the data entry so that form 1116 and worksheet is generated as done by CPA.
Finally, it worked. Thanks for the inputs which helped me to get software giving me propre prompts in FTC credit section. That helped.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
jjon12346
New Member
catdelta
Level 2
RicN
Level 2
johntheretiree
Level 2
user17525953115
New Member