I entered all of my foreign tax credits correctly from my 1099-DIV. When TurboTax asks if I want a credit or deduction, I selected credit. Everything seems ok at that point.. When I go to print center, the credit plainly shows on my return. However, when I begin to file and go to Review, I get errors stating:
Schedule B -- Form 1099-DIV (T ROWE PRICE SERVICES INC EMERGING MARKETS BOND): Foreign tax Sch A box or Form 1116 copy should be entered. Return to the place where this was entered to correct the entry. Everything is entered correctly. I am positive! Maybe a bug in the system? It is doing this for every fund that has a foreign tax credit in Box 7. |
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I ran into the exact same problem. After spending way too much time reading, checking, and rechecking, I'm convinced it is a bug in the review software. It tries to force you to either check the Foreign tax Sch A box (thereby losing the Foreign Tax Credit) or generate a Form 1116, even when one is not required. Quite frustrating!
Ugh, I'm in the same boat! My foreign tax credit is only $232, which is far less than the $600 MFJ limit that requires use of Form 1116. I know there's been a lot of changes to the tax code this season, but everywhere I read does not note anything different with this. Got to be a bug, but can't submit until I get clarification...
I had the exact same problem! Word for word what you said! I wonder if its a glitch and how do we get past it? Every time I do the federal review I get that error message and it wants me to file sch A or form 1116 even though my foreign tax is only $135.
It would be nice if TurboTax would admit and address the issue!
Can't efile..have no necesssary info for Form 1116 and IRS says I do ot need to file for this. How can I skip?
You are not required to claim the Foreign Tax Credit.
If you're using TurboTax Online, click this link for info on How to View and Delete Forms in TurboTax Online.
You would also need to remove any Foreign Tax you reported, or Form 1116 will re-populate (from Form 1099-Div, for example).
Click this link for more info on Not Claiming Foreign Tax Credit.
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