foreign tax credit form 1116

[richard's_tax]

- if you have just two mutual funds that get identified as RIC on form 1116 can you just make a single entry and add the two numbers?

[JulieS · Accepted solution]

Yes, that is fine. If you make two separate entries, it will end up added on the form anyway.

[BiiC]

My data has the foreign tax credit from Box 7 of my 1099 shown on line 33  of form 1116 but an error comes up that this should be zero.  How do I correct this information since I am not allowed to e-file my return until this is corrected so where do I go to make the correction.  It is shown that I do not need to file form 1116.

[MaryK4]

The easiest way to correct the error is to remove the Box 7 from the 1099 if it is a small amount and you do not want to claim it.  

@BiiC

[joelbpiperberg]

I have the problem where the $45 foreign tax credit is showing up on Form 1116 on line 3.  What should I do if I want to keep the tax credit?

[gefraiter700]

My submission was reject because "Form 116 (copy 2) ForeignTax Credit is not marked/entered.

I did not see such box while working on taxes.

[gefraiter700]

Thanks everybody for your comments, everything is ok now.