You'll need to sign in or create an account to connect with an expert.
If the 1099-DIV shows foreign tax, it must be smaller than the income. You would not pay $100 tax on $2 of income. Please review the DIV entries as a number may be importing incorrectly. If there is no income, then no tax would be allowed.
Try deleting the 1099Div and enter it again Manually. That usually clears something out. Sometimes the import doesn't work right. Should be easy to type in the 1099Div.
Thank you for the info! However, the problem is slightly different: each one of my 1099s if imported in isolation works just fine and nothing gets flagged with the foreign tax credit. The issue appears ONLY when importing both 1099s (the order does not matter) - in this case it seems Turbotax is confused and assigns the foreign income on the second 1099 only to some fictitious 1099 that it believes has $0.0 in dividends. That is what the error on the foreign income seems to imply: "should not be larger than the dividends and capital gains reported on this Form 1099-DIV ($0.00)""
Thanks for the suggestion! This kind of solved the problem in the following way. I kept both imported forms, but tried to Add another 1099DIV manually before I delete the original. As soon as the form opened for typing, I noticed the tax refund at the top changed. That made me curious, so I stopped typing that third 1099DIV and went back to check the warning. To my surprise, that got fixed.
So, the solution was:
- Manually Add a new 1099 DIV form
- Do not need to type anything in there
- Just go back and recheck the error - it should disappear now
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
user17733470987
New Member
darlenesierocuk195812
New Member
user17733374685
New Member
kargelz
New Member
kargelz
New Member