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matthahn
Returning Member

Where is form 1116 in Turbotax business?

I need to enter a foreign tax credit in Turbotax Business for an Estate return.   It doesn't seem to be available?   Where do I find this and/or enter in the tax credit?

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3 Replies
DaveF1006
Employee Tax Expert

Where is form 1116 in Turbotax business?

To clarify, what kind of foreign income did yoy pay the tax on so we can specifically explain how to report this?

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matthahn
Returning Member

Where is form 1116 in Turbotax business?

It is foreign dividends from a stock the trust owns.

DaveF1006
Employee Tax Expert

Where is form 1116 in Turbotax business?

Yes, here is how to enter into your trust return (Form 1041)

 

  1. Go to Federal Taxes
  2. Interest and Dividends
  3. Dividend income from 1099 DIV (enter here even if you did not receive a 1099 DIV
  4. Record the information on the form. make sure you put the foreign tax paid in Box 7 on the form
  5. Be sure to answer the followup questions about the foreign dividend received if this was strictly a foreign dividend. 
  6. Once this information is reported, a Form 1116 is generated in your list of forms that report the eligible Foreign Tax Credit.
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