foreign tax credit

[sfordstark]

does TurboTax need to review my tax forms before I submit them if I have entered foreign tax credit items? I received a message to that effect. Can you explain?

[RobertB4444]

Form 116 Schedule B is required for some foreign tax transactions.  That form is not available to efile until March 11th.  You should finish your tax return on March 12th.

[Nan2C]

This might help:  I read within this event that form 1116 doesn't have to be filed if the foreign tax credit is under $300.00

[DMarkM1 · Accepted solution]

And if all the other tests are met from the instructions on form 1116.  TurboTax will help you figure out if you can use this election. 

You may be able to claim the foreign tax credit without filing Form 1116. This election is available only if you meet all of the following conditions.

• All of your foreign source gross income was “passive category income” (which includes most interest and dividends). 

• All the income and any foreign taxes paid on it were reported to you on a qualified payee statement. Qualified payee statements include Form 1099-DIV, Form 1099-INT, Schedule K-1 (Form 1041), Schedule K-3 (Form 1065), Schedule K-3 (Form 1120-S), or similar substitute statements.

• Your total creditable foreign taxes aren't more than $300 ($600 if married filing a joint return).