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pacjin
Returning Member

entering data in Form 1116

2 questions:

1) One "Learn More" paragraph says the 1116 for general income should be 1st; another says the source with the largest income should be 1st. Which is right?

2) On the initial pass through the dialog creating 1116s I made some errors in entering data. In trying to correct these, I attempted to delete two 1116s in "Forms" view. I could only delete one. Now, when I attempt to edit data in "Step-by-Step" view not all fields are shown. Can I restore my return to its state before I tried to enter data so as to go through the whole entry process again? 

 

Thank you

4 Replies
Anonymous
Not applicable

entering data in Form 1116

 
Anonymous
Not applicable

entering data in Form 1116

what are you trying to enter FTC for  - if only dividends and the FTC is less than $300 for most filers and $600 for married filers, the form isn't required 

pacjin
Returning Member

entering data in Form 1116

FT includes $10 from a K-1 that is general income not an RIC

rogge1722
Level 8

entering data in Form 1116

The IRS wants the category of income with the largest foreign tax credit the 1st copy. Since we don't know what that will be up front, TT suggest using that category with the largest foreign tax paid as the 1st copy as that will most likely yield the largest foreign tax credit.

 

In order to remove all f1116's, I suggest deleting the 1099's  and see if that works and if it doesn't, you may need to delete the K-1.

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