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Level 1

Foreign tax credit

It says I have a foreign tax credit, but I don't know where that is coming from. I shouldn't have a foreign tax credit to my knowledge.
1 Best answer

Accepted Solutions
Level 1

Foreign tax credit

This typically occurs when you own a mutual fund or limited partnership that owns foreign stocks or other investments.  The partnership or mutual fund pays income tax to a foreign country and then passes the credit for foreign taxes on to its investors.  You probably entered the credit from one of the forms reporting investment income.

2 Replies
Level 1

Foreign tax credit

This typically occurs when you own a mutual fund or limited partnership that owns foreign stocks or other investments.  The partnership or mutual fund pays income tax to a foreign country and then passes the credit for foreign taxes on to its investors.  You probably entered the credit from one of the forms reporting investment income.

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Level 2

Foreign tax credit

I have the same problem. Checked all my forms and entries to the program, and can't find any evidence of my entering foreign tax. I entered all data manually. Any known bugs in the program re this issue?

 

Thanks