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acharliek
Returning Member

Form 1116 incorrectly calculates gross income from all sources. It's more than doubling my income.

After previewing my 1040, I have no idea where the calculation is going wrong. I've double checked my income and stock gains/losses, and everything seems to be right. The 1116 calculation works when I remove my 1099 info, and still doesn't work if I renter my 1099 info manually (instead of importing it from my broker). 

Turbotax specialists aren't any help here. I've shown this error to many specialists who confirm something is wrong, but they always tell me to double check my numbers and can't assist me any further. I've spent hours trying to figure this out. Can anyone help me?

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2 Replies

Form 1116 incorrectly calculates gross income from all sources. It's more than doubling my income.

From TT's guidance:

 

Form 1116 (COPY 1) : Line 3ea


Calculated Gross income from all sources:

 

This is total income before deductions and is the sum of:

Form 1040, lines 1, 2b, 3b, 4b, 5b and 6b plus
Schedule 1 (Form 1040), line 1 plus
Schedule 1 (Form 1040), line 2a plus
Schedule C, line 7 (all copies) plus
All gains reported on Schedule D minus Schedule D, line 11, Subtotal Line A(Form 4797, Gain from Part I) plus
All gains reported on Form 4797 plus
Schedule E, line 3 total plus line 4 total plus
Schedule K-1 Worksheet - Partnerships Box 16, Code B (if it has a value); otherwise income reported on line 1, 2, OR 3 plus any amount on line 4 plus
Schedule K-1 - Partnership Additional Information page 1, Box 11 section,Code A, line 1 (if positive) and line 3 and line 4 and Code I, line 5
Schedule K-1 Worksheet - S Corporations Box 14, Code B (if it has a value); otherwise income reported on line 1, 2 or 3 plus
Schedule K-1 - S Corporation Additional Information page 1, Box 10 section, Code A, line 1 (if positive) and line 3 and line 4 and Code H, line 5
Schedule K-1 Worksheet - Estates and Trusts, Box 14 Code B : Foreign Tax Information section, line 7 (if it has a value); otherwise income reported in Part III lines 5, 6, 7 and 8 plus
Schedule F, line 11 (all copies) plus
Form 4835, line 7 ( all copies) plus
Schedule 1 (Form 1040), line 7 plus
All positive income amounts on the Other Income Statement.

acharliek
Returning Member

Form 1116 incorrectly calculates gross income from all sources. It's more than doubling my income.

Thank you @rogge1722 but this doesn't help me. For me, the sum of all these lines equals ~$50,000 which is correct but much less than what the 1116 form is calculating. 

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