Prompts for Form 1116?

Forum|Forum|6 years ago
February 20, 2020
3 replies
19 views

I have interest income from a foreign bank account, and the foreign bank deducted taxes (>$600).

Under "Deductions and Credits" Tab in TT I filled out the Foreign Tax section saying I have paid foreign taxes. At that point TT says that it will prompt me to fill out Form 1116, but it never does??!!

Where does TT ask how much taxes I paid in the foreign country, and then apply the appropriate credit?

Thanks
ST2003

Best answer by

go to the 1099 interest form (use forms search box 1099 ) towards the bottom is section and a link to an 1116. the category for the 1116 is passive (yes I know it's not the same as passive income from rentals but that's what the IRS says to use)

Anonymous

Answer

sjwarvi

Level 2

Form 1099-DIV shows I paid Foreign tax $55.01. Do I need to report this on form 1116? I've never received or filled out this form in the past. Thank you.

sjwarvi

ThomasM125

Level 15

Since you paid more then $600 in foreign taxes, you will need to fill out one or more forms 1116. You can do this in TurboTax as follows:

Go to the "Foreign taxes" section under "Estimates and Other Taxes Paid" in the "Deductions & Credits" section of TurboTax to see if you qualify for a credit for foreign taxes paid.

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Perky63

Level 2

I keep getting prompts about this form and my one international fund which has a tax paid which I input and then system keeps asking for a specific line item on our K-1 which is zero, which he keeps rejecting...

How can we get past this question

Claude and Jeanette Perkins