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Level 1

Question

form 1116

Forum|Forum|5 years ago
April 24, 2021
2 replies
12 views

i have 88.08 on schedule 3 line 1 do i need to complete a form 1116?

Level 14

It depends.

Line 1 on Schedule 3 is the foreign tax credit being calculated. You do not need to file a Form 1116 if the total foreign taxes paid are not more than $300 ($600 if married filing a joint return) and other conditions are met. To see instructions, click here: https://www.irs.gov/instructions/i1116#idm140111522427664

In TurboTax program, I will suggest you to follow prompts under the "Foreign Tax Credit" section. The program will generate the Form 1116 if it applies to you.

To enter info under Foreign Tax section, here are the steps:

Open up your TurboTax account and select Pick up where you left off
At the right upper corner, in the search box, type in "foreign tax credit" and Enter
Select Jump to foreign tax credit
Follow prompts

Level 2

TurboTax is not letting me complete my tax return because I have paid $45.90 in foreign taxes as listed in my 1099-DIV. What are the steps I should take to rectify this?

Level 15

You can wait until Form 1116 is ready @VaniG. Form 1116 is scheduled to be final on March 3.

You can check the latest availability dates at IRS forms availability table for TurboTax individual (personal) tax products.

The IRS added a new form, Form 1116 Schedule B, this year, which is causing some delays.

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