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how to add form 1116

I am using download version.

I have some income and foreign taxes paid which are reported in 1099. Additionally, I have some foreign interest which are NOT reported in 1099. I included these interest in schedule B. There is no foreign taxes paid for these interest.  So, basically I would like to have foreign credit for taxed paid reported in 1099.

 

I read form 1116 instruction and it says to get foreign tax credit without filling 1116 "All the income and any foreign taxes paid on it were reported to you on a qualified payee statement." Since my foreign interest are not reported in 1099, it seems I have to make form 1116. Or, don't I need to file 1116 because no taxes for these interest? 

 

I follow step by step procedure, it made 1116 work sheet, but not attaching actual 1116 to my tax return 

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3 Replies

how to add form 1116

You state that  you paid taxes on the 'foreign interest' you have that were reported on a 1099.  If the taxes were paid or withheld for one of the countries the US has reciprocity with, e.g. Canada, you can recover those taxes without filing a 1116.  There's a prompt/drop down screen in the Step-by-Step Ttax process.  The values will show up on Schedule 3 of the 1040.  In my case the information imported from Fidelity, however the income associated with those investments did not import and had to be calculated manually and added on the IRS form.  I will add that I am using a disc version on my desktop and there are some differences.  Hope that helps.

how to add form 1116

I received foreign dividend and foreign taxes paid through RIC such as vanguard, I received 1099.

Additionally, I received foreign interest but NOT foreign taxes paid, I did NOT receive 1099 from foreign bank. I am not expecting to receive some foreign credit for this interest.

 

I used CPA last year. They added 1116 for same situation. So, I wonder if I must attach 1116 or I can claim foreign tax credit without 1116 because all foreign taxes are reported in 1099. 

how to add form 1116

Could somebody teach me how to add 1116? Or, could somebody teach me if I do not need to attach 1116?

 

I have

- Foreign dividend and taxes reported (less than $300) in 1099

- Foreign interest NOT reported in 1099. No foreign taxes related to this interest

 

Form 1116 instruction says; to claim foreign tax credit without form 1116, 

All the income and any foreign taxes paid on it were reported to you on a qualified payee statement.

 

Since I have foreign interest not reported in 1099, it seems I have to attach form 1116. Correct?

 

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