If you did not get the Credit for Foreign taxes, it may be because you missed that part of the interview. If you have not yet filed, follow the instructions below to enter your information for the foreign tax credit. If you have filed, you may wish to start an amendment first, so that you may file an amended return to claim the credit.
Here's how to Amend
My Return in TurboTax.
Both the credit for
foreign taxes and the deduction for
foreign taxes (if you choose it
instead of the credit) are entered in the same place.
First of all, make sure you've
entered all your foreign income. If it is reported on 1099-DIV, you may need to mark
the check box under Box 1b - Qualified dividends that says My form has
info in more than just these boxes (this is uncommon) to enter your
Foreign Tax Paid in Box 7. Then,
- From within your return, type foreign tax credit in the search box in the upper
right of your screen and select the Jump to link in
the search results.
- Click Continue and follow the instructions.
In most cases, taking the
credit works out better than the deduction. TurboTax helps you decide which one
is best for you when you go through this interview.
