Can’t find Form 1116 Worksheet

[cyp54ress]

This is my first year using TurboTax; this year, I used a CPA and am doing TurboTax parallel to see if I can rely on just TurboTax in the future. One difference I can’t resolve: I have several years of foreign tax credit overs (according to the CPA prepared return, as well as my prior year returns), but I don’t have one from last year. I can’t find a place to enter those prior year carryovers, and as a result, the foreign tax credit TurboTax calculates for this year is LESS than what the CPA calculates. I found an answer to a similar question in the “community” which said to enter prior year carryover amounts on the Form 1116 Worksheet  — but I can’t find that in “Forms” for the life of me!! Can someone please help?

[rjs · Accepted solution]

You can enter the foreign tax credit carryovers in the Step-by-Step interview. Go to:

• Federal Taxes
• Deductions & Credits
• Estimates and Other Taxes Paid
• Foreign Taxes

OR

In the Search box type "foreign taxes" (without the quotes), then click the link that says "Jump to foreign taxes."

On the screen that says "Tell Us About Your Foreign Taxes," DO NOT check the box that says you have no carryovers. After some questions about the foreign tax credit for the current year you will come to a screen that asks if you have any carryovers. If you click Yes, the next screen will give you a place to enter the carryovers, year by year.

If you prefer to use the forms, the worksheet you are looking for is not called Form 1116 Worksheet. It's called Foreign Tax Credit Computation Worksheet. Go to forms mode and click the Open Form icon. In the form search box type "foreign tax" (without the quotes). In the selection list, under Form 1116, you will see Foreign Tax Credit Comp Wks. Carryovers are entered in Part III near the bottom of the worksheet.

[cyp54ress]

Hello! Thank you so much for your help, with which I was able to enter the prior year carryforwards. Even after doing that, though, I was unable to get TurboTax to compute the same amount of credit (Form 1040 Line 20) that the CPA took on the return.  It looks like, for some reason, TT did not pick up the dividend income associated with the foreign taxes paid (although it DID pick up the foreign taxes paid). At this point, I don’t even know how to frame a next question to ask, so I’m going to give up and assume the TT calculation is “close enough.” Thanks again for helping me out!!

Sandy in Naples, FL