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How do I create a second copy of form 1116?
I have a K-1 with foreign tax accrued withheld. How do I make a second form 1116 when Copy 1 is being used for Passive Paid?
To view multiple copies of Form 1116 in TurboTax Premium Online, follow these steps:
- Down the left side of the screen, click Federal.
- Down the left side of the screen, click Deductions & credits.
- Click the down arrow to the right of Estimates and Other Taxes Paid.
- Click to the right of Foreign Tax Credit.
- At the screen We'll check if you're eligible, select Continue.
- At the screen Did you pay taxes on income, select Yes. Continue.
- At the screen Let's get a little more info. select Continue.
- At the screen Foreign Taxes, select Continue.
- At the screen Do You Want the Deduction or Credit, select Take a Credit.
- At the screen Reporting Foreign Taxes Paid, select the hyperlink special instructions to see to the right Special instructions when multiple categories of foreign income are present.
The instructions state:
After completing the interview the first time for the largest item, then you can revisit the interview and report any other items you have.
(Note: "completing the interview" involves answering Yes to question about being done with "all Foreign Tax Credit Computation Worksheets.")
This will generate the additional copies of Form 1116 that you need, and they should be in the correct order.
Sample situations are included.
See also this TurboTax Help.
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