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mlambertx
New Member

Removing Foreign taxes from interest and dividends

TurboTax added $1 to this column and I can not figure out how to remove it. How do you delete or change an error like this?

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4 Replies

Removing Foreign taxes from interest and dividends

did you imprt 1099s or enter the exact amount of FTC on them? if so go back to them and change the FTC on each to a whole dollar. 49 cents or less is rounded down 50 cents or more is rounded up. However, I doubt the IRS is going to bother you for that $1. 

rjs
Level 15
Level 15

Removing Foreign taxes from interest and dividends

Foreign tax paid comes from Form 1099-INT box 6 or Form 1099-DIV box 7. If it's on a 1099-INT or 1099-DIV that you received, it's not an error. You paid the foreign tax, so you might as well take the credit for it, even if it's only $1.


If you want to remove it, or if it's not actually on your 1099-INT or 1099-DIV and was entered by mistake, go back to the screen where you entered the 1099-INT or 1099-DIV and delete the foreign tax from the appropriate box.

 

mlambertx
New Member

Removing Foreign taxes from interest and dividends

There weren't any amounts in boxes 6 or 7 regarding foreign tax. And I agree, i just don't want to give the IRS any reason for wanting to audit me...LOL

rjs
Level 15
Level 15

Removing Foreign taxes from interest and dividends

Foreign tax could also come from a Schedule K-1. Did you enter a Schedule K-1?

 

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