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New Member
posted Apr 6, 2025 9:14:38 AM

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?

0 4 567
4 Replies
Level 15
Apr 6, 2025 9:43:45 AM

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. 

Level 15
Apr 6, 2025 9:46:43 AM

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.

 

New Member
Apr 6, 2025 10:26:23 AM

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

Level 15
Apr 6, 2025 10:34:31 AM

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