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bodhi24
Level 3

Where can I enter Foreign Tax Credit in Turbo Tax on income that surpassed the Foreign Income Exclusion?

 
4 Replies
MayaD
Employee Tax Expert

Where can I enter Foreign Tax Credit in Turbo Tax on income that surpassed the Foreign Income Exclusion?

The foreign income exclusion for 2021 is $108,700 per qualifying person. If your income exceeded the exclusion amount, you can claim a foreign tax credit for the excess.

 

Both the credit and the deduction are entered in the same place. Here's what you do:

  1. Make sure you've entered all your foreign income.
  2. From within your return, search for foreign tax credit and select the Jump to link in the search results.
  3. Answer Yes to Did you pay foreign taxes in 2021 or have credits to use from a prior year?
  4. Follow the instructions to get the credit or deduction.

Where do I enter the foreign tax credit (Form 1116)


     
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bodhi24
Level 3

Where can I enter Foreign Tax Credit in Turbo Tax on income that surpassed the Foreign Income Exclusion?

Thank you, I believe entering in for form 1116 is not yet available in Turbo Tax this year. Wondering when they will update the software

MayaD
Employee Tax Expert

Where can I enter Foreign Tax Credit in Turbo Tax on income that surpassed the Foreign Income Exclusion?

The form won't be available until 02/17/2022. Federal Individual Form Availability

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bodhi24
Level 3

Where can I enter Foreign Tax Credit in Turbo Tax on income that surpassed the Foreign Income Exclusion?

Very Helpful thank you for your support!

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