how to Form 1116 Foreign Tax Credit Comp Wks: Paid/Accrued Boxes must be entered

[alucas91607]

Hello TurboTax,

My wife bought an investment fund with Charles Schwab. On form 1099-DIV says she paid $44.16 in foreign tax. TurboTax desktop is asking to fill out Form 1116 Foreign Tax Credit Comp Wks: Paid/Accrued Boxes must be entered. I never filled this form out, can you help?

[rogge1722]

That amount qualifies for the $600 exemption which means it should have appeared on form 1040 line 20 automatically unless you have carryovers.  If there are carryovers, then TT will generate a form 1116 and a form 1116 worksheet  because in lieu of the exemption, TT will use a calculated foreign tax credit.  In Forms Mode, bring up form  1116.  If there is an entry on line 10, you have carryovers.

[LoganathanB]

• Open your tax return
• Goto Income and wages
• Goto dividends
• Enter the information including the foreign tax paid
• TurboTax will create form 1116
• Goto forms mode and fill in the details like paid/accrued, country.

Foreign taxes will be paid