Foreign tax credit is double the correct amount, it might be because i entered the info, but i think it might have also imported from from my broker, how do i fix?

[C_Haynes]

Originally i didn't see the amount so i entered it manually (lots of questions) then the total showed as double the correct amount.  No matter what i do or how i answer the questions it will not let me fix the amount. How can I correct this?

[DaveF1006]

It depends. What was the amount of the foreign tax credit? If $300 or under or $600 or under (If married filing jointly), you can delete Form 1116. Go to tax tools>tools>delete a form>delete 1116.  If in the software, go to the forms mode, select 1116, and delete it at the bottom of the form.

[C_Haynes]

It was $108, but displaying in the Estimates and Other Taxes Paid section of Deductions and Credits as $216 (on 1116 Comp Wks I see 108 on both Foreign Taxes and also Utilized (not sure if thats why 216?)).  If I delete the form do I still get the tax credit?

[DaveF1006 · Accepted solution]

Yes, you will receive the Foreign Tax Credit without the 1116. Perform these steps to ensure we have a clean copy of the reporting.

1. Delete the original 1099 where the foreign tax credit was reported.
2. Delete the 1116 forms in the way I described above.
3. Reenter the 1099 that reported the 1099. This way no prior data gets stuck in the program and the copy is clean.