Hi all,
I have interest from a Korean bank (WOORI Bank). Of course, there is NO 1099-INT but I have to report it like there is one. Last year, it asked me if there were foreign taxes paid and other boxes related to a 1099-INT.
This year, the question didn't appear. I can manually see the worksheet form and I don't know if I need to type in the foreign taxes paid here or if I need to do any of box 6 a, b, c, d. I don't now much about this and it talks about Schedule A (I'm taking the Standard Deduction) and Form 1116 (I don't know if I need to do this as I already owe 0 and paid 0 in taxes due to Foreign Earned Income Exclusion)
Please advise.
Thanks in advance,
Shane Haddad
Accepted Solutions
This answer has been verified for accuracy by an Intuit expert employee
When entering the interest income in the TurboTax interview, on the screen will be a box to check labeled My form has info in more than just box 1. Checking this box will open up the 1099-INT so that you can enter the foreign taxes paid in box 6.
The foreign taxes paid will entered as a tax credit on Schedule 3 Line 1. The total from Schedule 3 Line 8 flows to Form 1040 Line 20 as a tax credit.
This answer has been verified for accuracy by an Intuit expert employee
When entering the interest income in the TurboTax interview, on the screen will be a box to check labeled My form has info in more than just box 1. Checking this box will open up the 1099-INT so that you can enter the foreign taxes paid in box 6.
The foreign taxes paid will entered as a tax credit on Schedule 3 Line 1. The total from Schedule 3 Line 8 flows to Form 1040 Line 20 as a tax credit.
