Form 1116

[annpacesutton]

1)  Form 1116, Part 1, Line 1a (from 1099s)  ... is showing -18,427 (a negative number);  As this is only coming from 1099s (Dividends & Capital gains)  How can this be a NEGATIVE number?

2)  Form 1116 Part 1, Line 3e shows a number greatly in excess of Total income (although we do have large capital losses that result in a net loss of (limited to) $3,000 for (Form 1040 Line 7 (Capital Gain or (Loss)).  How is that possible?

[VincentL12345]

Please check your entries. The following link provides information on entering form 1116.

https://ttlc.intuit.com/turbotax-support/en-us/help-article/import-export-data-files/enter-foreign-t...

[KarlaM3]

Form 1116 is used to determine the foreign tax credit amount allowed on your return.  Verify the amounts and see www.irs.gov/pub/irs-pdf/i1116.pdf.

1. Under Part 1, Line 1a on Form 1116, you show a -18,427, so this would be the total gross income amounts and if a negative would be a total or combined loss.  

2. For your question about Form 1116, Part 1, Line 3e showing a number greatly in excess of total income and how this is possible- this total includes gross income from all gross receipts (less any cost of goods sold), any capital and ordinary gains and any other income, including any excluded income from Form 2555.