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Returning Member
posted Jun 1, 2019 1:35:01 PM

TurboTax Deluxe: I entered foreign tax amount in 1099-INT worksheet, I opted to take credit for foreign tax. Still, form 1116 is not created. Am I missing something?

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6 Replies
Intuit Alumni
Jun 1, 2019 1:35:03 PM

There are certain situations where you can claim the foreign tax credit without Form 1116 being required to be a part of your return.

If all of the following statements apply, then Form 1116 is not required to be filed in order for you to take the credit for foreign taxes paid:

  • All of your foreign source gross income was passive category income (such as dividends or interest)
  • All of the income and any taxes paid on it were reported to you on a qualified payee statement (such as Form 1099-DIV, Form 1099-INT, Schedule K-1)
  • Your total creditable foreign taxes are not more than $300 (or $600 if Married Filing Joint)

Returning Member
Apr 13, 2020 1:01:25 PM

But my foreign taxes paid are greater than $300.  Now what?

 

Expert Alumni
Apr 13, 2020 1:16:57 PM

What type of income were your foreign taxes earned from?

New Member
Apr 14, 2020 3:19:52 PM

HOW TO CREATE THE FORM 1116?

 

it is NOT being created from the tt wizard.

 

how is this done?

 

New Member
Apr 14, 2020 3:22:05 PM

I have paid $ 1600 in foreign taxes, on 13,000 qualified dividends.

 

how do I have turbo tax create the form 1116?  and allow me to itemized the taxes?  this is NOT working as expected.

 

 

Expert Alumni
Apr 14, 2020 5:27:35 PM

See Where do I enter the foreign tax credit (Form 1116) or deduction for 2019?. Most people do better with the credit but the program will let you try it both ways.

 

@billinboca