Turbotax nearly cost me $1000 in foreign tax carryover

[Andy310]

Turbotax (which I've used for about 20 years) nearly cost me about $1000 in foreign tax credit by failing to import my carryover amounts from 2022. I only found this error by carefully comparing my 2022 return to my 2023 draft return, and noticing the missing carryover. It didn't import them, though, it imported all other carryovers. I had to manually enter line by line my foreign tax carryovers from each year. This is data Turbotax has, and should import. So much for "maximum refund." 

Add this to the horrible way they handle 1099's with more than one country of income, forcing you to create fake "dummy" 1099's for those other countries. 3 countries each on 3 1099's, get ready to create 6 dummy 1099's and adjust the 3 you imported, just so you can report it accurately. 

How do they get away with selling a program entitled "Home & Business" when it can't do some fairly basic investment tasks properly. 

This program is a joke, and I hope Congress mandates accurate free filing so companies like Intuit can quickly go out of business for their incompetent coding and lack of support for customers.

[rccall]

I just posted about one of the issues you mentioned -- that TT doesn't support 1099s with income from more than one country (with respect to the foreign tax credit).

The workaround you alluded to -- creating dummy 1099s -- seems like a possible solution to my issue.  If you wouldn't mind, could you elaborate on how you create the dummy 1099s, and what information you put in them?

Thanks for any further details you can provide.

[MarilynG1]

TurboTax does support 1099-Div's with income/tax from multiple countries.

Choose 'RIC' as the country  and enter the total amount of foreign income for that particular 1099-DIV.  

Each category of foreign income has a separate 1116.  

You may want to review your entries in this section. 

@rccall 

[rccall]

> TurboTax does support 1099-Div's with income/tax from multiple countries.

Well, that's that, I suppose -- although I can't imagine why that support is lacking.

[Andy310]

No, no, no. This is wrong. If you have a 1099 with multiple countries, you DON’T just put RIC. That means Registered Investment Company, such as a mutual fund company like Vanguard.  So, if you own shares in a Canadian company and a French company in the same account, those are two individual holdings, and you have to split the 1099. This article below explains it properly. Please read the article, and ignore the wrong info from the Intuit employee. Intuit just doesn’t get investment beyond the simple cases, and hasn’t fixed this for years. 

https://ttlc.intuit.com/community/tax-credits-deductions/discussion/how-do-i-generate-four-copies-of...

[DaveF1006]

You can also pick the term "various" in the dropdown as this will achieve the same results.