Total Basis of Total Investment Income 1116 - Foreign Tax Credit

[Tracer-x]

TT indicates an error, and that on the worksheet for Form 1116, I need to enter the  Basis of Total Investment Income.  I have no idea what I need to do.  I can't just enter $0. I didn’t have to do it last year- even though I was over the $300.   The foreign taxes are  from simple Vanguard Mutual Funds that generated the foreign taxes.  But I don't know where to find the number TT wants.   Thank you sincerely for any assistance.

[DaveF1006 · Accepted solution]

Enter "1" for the Basis of Total Investment Income. Entering "1" for total assets prevents a "divide by zero" error while ensuring 0% of the interest is allocated to your foreign credit.