FORM 1116 - Do Not Trust the Computation

[lauralikestohike]

HI Susan, 

Thanks for your reply. 

1) It's too late, I submitted my return because I couldn't figure out what to do.

2) I used the online version of TT and put in the entries it asked for.  When I got to the foreign tax credit, it didn't like my answers, so I moved on.

3) I don't understand why TT can't take the value from my 1099.  The amount is given in my investment company's 1099-DIV very clearly in box 7, Foreign Tax Paid.  Until this year, I've always done my own taxes and just entered that number on Schedule 3 Line 1.  How hard is that?

4) I don't understand your instruction "visit the section for Foreign Taxes under Deductions & Credits, Estimates and Other Taxes Paid."  Is there supposed to be a menu or tabs or something?

@SusanY1

There ought to be some instructions for using TT.  I also failed to enter distributions of excess IRA contributions because IRAs were never mentioned and I didn't think of the statements as being 1099s.  Unless the IRS figures this out, I'm going to have to file an amended return, which I have NEVER done before.  I found this whole process completely opaque and I'm very unhappy Intuit doesn't provide a real help service, just throws you at the mercy of kind strangers.  I don't think I'll be using TT again.  If I'd seen the actual 1040 form, I would've run across line 4a, IRA distributions and gotten it right.

[NCperson]

@lauralikestohike Turbo Tax (and other similar softwares) are "do it yourself" tax returns.  for the price they charge, it's this is the service level received.  If your tax understanding is limited (or your tax return is more complex), a paid preparer is the best way to go. 

[lauralikestohike]

I don't understand why people think this a great product, then.

This is the first time I've ever used a tax service.  I only did it because I had an income windfall last year and was afraid I'd miss provisions that only apply to people with higher incomes.  In retrospect, I'd have been better off doing it myself with the aid of a couple of online searches.  What with needing to submit a revised return, this will take me longer and give me a bigger headache than that would've.

[NCperson]

@lauralikestohike it's a great product that fits the needs of a large population but not the entire population.  You may be outside that large population.