I noticed the Foreign tax credit being inserted on the 1040 is high.
It should be $4 and somehow TT is calculating $8. I have chased through the forms and found the value in Form 1116 line 35 is incorrect. I have been through the forms and I still don't see how it is calculating this incorrectly. If I override the value will I still be able to electronically submit the forms?
You'll need to sign in or create an account to connect with an expert.
if you enter any override not only will you not be able to e-file. Turbotax's accuracy guarantee is void.
you need to review your input - the forms you enter the FTC credit on and page 1 of form 1116. if you entred your FTC thru 1099-div, 1099-int, k-1 FTC section you do not enter it again on form 1116.
by the way, if your total passive income FTC is less than $300 form 1116 is not required. then you do not link the input forms to the 1116
In addition to Mike9241's advise from above, please double check your entries thru these steps below.
In TurboTax online,
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
NeUnhappy
New Member
moemeyers
New Member
Cat_Sushi
Level 2
debbiecply
New Member
gelizabeth1014-g
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.