2959206
You'll need to sign in or create an account to connect with an expert.
Just saw this from the IRS:
Your foreign tax credit cannot be more than your total U.S. tax liability multiplied by a fraction.
My tax liability for 2022 was zero so that's why it's showing as zero on Line 1 Schedule 3. I don't qualify for the credit.
Is the foreign tax in box 7 of the 1099-DIV? Double-check that it is entered correctly in box 7 in TurboTax.
You said the foreign tax "shows on my return." Is it on Schedule 3 line 1? If not, where does it appear on your tax return?
What is the exact amount of the foreign tax in box 7 of the 1099-DIV?
What is the exact message from TurboTax - the entire message, word for word?
-It is in Box 7 1099 DIV form
-It shows as 0 on Schedule 3 Line 1
-$52.31
-You Can Take the Foreign Tax Credit - You've met the requirements for taking the foreign tax credit without filling out Form 1116, but we don't see any foreign tax payments made (or there is no taxable income to apply the Foreign Tax Credit against).
I know the $52.31 is on my 1099 DIV form and that it is populated in TurboTax. But on my final return it's showing 0 on SChedule 3 Line 1. My feeling is my income doesn't qualify me for this since I'm paying no taxes in 2022. Otherwise, I'm not sure why it's not populating.
Just saw this from the IRS:
Your foreign tax credit cannot be more than your total U.S. tax liability multiplied by a fraction.
My tax liability for 2022 was zero so that's why it's showing as zero on Line 1 Schedule 3. I don't qualify for the credit.
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.
gsgoblue
Level 1
jtmcl45777
New Member
stephen-doherty25
New Member
xcom747
New Member
ttla97-gmai-com
New Member