My 1099s indicate Section 1250 (25%) Cap Gains (Part 1-g-i) = $420 and Net Qual Div and LTCG (Part 1-g-L) = $401.
Entered these values but Smartcheck wants them to be the same.
I then tried $401 for both and then $420 for both, but each time this triggered a different Smartcheck error as the figures didn't match 1099s.
I'm trying to claim foreign tax credit attributable to sale of passive ETFs.
You'll need to sign in or create an account to connect with an expert.
This is the data for line 1i and 1l for hypothetical return if you had the right click feature.
Line 1i, columns A, B and C:
If any of the income included on Line 1h for this country on this copy of the
Foreign Tax Credit Worksheet is section 1250 recapture income (subject to a
maximum 25% rate), enter the amount of such income here.
Form 1116 (COPY 1) -- Foreign Tax Credit Comp
Wks : Adjusted QDI income
Line 1l, columns A, B and C:
If the Foreign Qualified Dividends and/or Capital Gains Adjustment Smart
Worksheet checkbox is not checked,
from Line 1f.
Otherwise, from Line 1g, plus the result of one of the following calculations,
depending on whether the Schedule D Tax Worksheet or the Qualified Dividends
and Capital Gain Tax Worksheet is used:
If Schedule D Tax Worksheet is used.
- Line 1j multiplied by the Sch D Tax
Worksheet, line 40, divided by the Sch D Tax Worksheet, line 11a. The result is
multiplied by .7071.
PLUS
- Line 1j multiplied by the Sch D Tax
Worksheet, line 11a minus line 40, divided by the Sch D Tax Worksheet, line
11a.
PLUS
- Line 1i multiplied by the Sch D Tax
Worksheet, line 37, divided by the Sch D Tax Worksheet, line 11b. The result is
multiplied by .6313.
PLUS
- Line 1i multiplied by the Sch D Tax
Worksheet, line 11b minus line 37, divided by the Sch D Tax Worksheet, line
11b.
PLUS
- Line 1h minus line 1i minus line 1j,
with the result multiplied by the following ratio:
-- Sch D Tax Worksheet, line 31,
multiplied by .5051, plus
-- Sch D Tax Worksheet, line 28,
multiplied by .3788.
-- The sum of the above two lines is
divided by the sum of Sch D Tax Worksheet, lines 20, 28, and 31. The result is
the ratio to be used. If the sum of lines 20, 28, and 31 is 0, the ratio is
defined as 1.
NOTE: With the exception of the last line for how to calculate the ratio, the
result of any calculation which has a 0 as a denominator is defined as 0.
If Qualified Dividends and Capital Gain Tax Worksheet is used.
- Line 1h multiplied by the following
ratio:
-- Qualified Dividend/Capital Gain
Wksht, line 22, multiplied by .5051, plus
-- Qualified Dividend/Capital Gain
Wksht, line 19, multiplied by .3788.
-- The sum of the above two lines is
divided by the sum of the Qualified Dividend/Capital Gain Wksht, lines 11, 19,
and 22. The result is the ratio to be used. If the sum of lines 11, 19, and 22
is 0, the ratio is defined as 1.
NOTE: Calculated result may be adjusted by up to $2 to allow columns A, B, and
C to add up to the Total column after accounting for rounding.
This is the data for line 1i and 1l for hypothetical return if you had the right click feature.
Line 1i, columns A, B and C:
If any of the income included on Line 1h for this country on this copy of the
Foreign Tax Credit Worksheet is section 1250 recapture income (subject to a
maximum 25% rate), enter the amount of such income here.
Form 1116 (COPY 1) -- Foreign Tax Credit Comp
Wks : Adjusted QDI income
Line 1l, columns A, B and C:
If the Foreign Qualified Dividends and/or Capital Gains Adjustment Smart
Worksheet checkbox is not checked,
from Line 1f.
Otherwise, from Line 1g, plus the result of one of the following calculations,
depending on whether the Schedule D Tax Worksheet or the Qualified Dividends
and Capital Gain Tax Worksheet is used:
If Schedule D Tax Worksheet is used.
- Line 1j multiplied by the Sch D Tax
Worksheet, line 40, divided by the Sch D Tax Worksheet, line 11a. The result is
multiplied by .7071.
PLUS
- Line 1j multiplied by the Sch D Tax
Worksheet, line 11a minus line 40, divided by the Sch D Tax Worksheet, line
11a.
PLUS
- Line 1i multiplied by the Sch D Tax
Worksheet, line 37, divided by the Sch D Tax Worksheet, line 11b. The result is
multiplied by .6313.
PLUS
- Line 1i multiplied by the Sch D Tax
Worksheet, line 11b minus line 37, divided by the Sch D Tax Worksheet, line
11b.
PLUS
- Line 1h minus line 1i minus line 1j,
with the result multiplied by the following ratio:
-- Sch D Tax Worksheet, line 31,
multiplied by .5051, plus
-- Sch D Tax Worksheet, line 28,
multiplied by .3788.
-- The sum of the above two lines is
divided by the sum of Sch D Tax Worksheet, lines 20, 28, and 31. The result is
the ratio to be used. If the sum of lines 20, 28, and 31 is 0, the ratio is
defined as 1.
NOTE: With the exception of the last line for how to calculate the ratio, the
result of any calculation which has a 0 as a denominator is defined as 0.
If Qualified Dividends and Capital Gain Tax Worksheet is used.
- Line 1h multiplied by the following
ratio:
-- Qualified Dividend/Capital Gain
Wksht, line 22, multiplied by .5051, plus
-- Qualified Dividend/Capital Gain
Wksht, line 19, multiplied by .3788.
-- The sum of the above two lines is
divided by the sum of the Qualified Dividend/Capital Gain Wksht, lines 11, 19,
and 22. The result is the ratio to be used. If the sum of lines 11, 19, and 22
is 0, the ratio is defined as 1.
NOTE: Calculated result may be adjusted by up to $2 to allow columns A, B, and
C to add up to the Total column after accounting for rounding.
Bring form 1116 up on the screen. Put the pointer on 1i (section 1250) and right click. On the box that appears, click on the bottom entry "about 1250". A box will appear with an explanation. Make sure that you need to make an entry. 1l( Net qualified etc), that is calculated by TT. Put the pointer on that entry and right click. On the box, click on "data source", and another box will appear explaining the entry.
thanks but this did not help as there does not appear to be a way to bring a form up on the screen
When it raises the error
"Foreign Tax Credit Comp Wks Section 1250 gains .. should not exceed total qualified dividends .. "
It also shows me a number and invites me to t ype in a new number.
I have no idea why the number is there.
I type in a ZERO
I have no idea what I have changed.
Now it no longer raises the error
"Foreign Tax Credit Comp Wks Section 1250 gains .. should not exceed total qualified dividends .. "
it says my tax return is okay now
.
Boy do I feel confident now! Type in random numbers until you are allowed to file... pure genius.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
jrodd774
New Member
AJSR111
New Member
rkeeton88
New Member
backwebstores
New Member
9600405aad74
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.