Form 1116 2023 filing

Forum|Forum|2 years ago
March 6, 2024
2 replies
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First time using TT Premier. Problem with form 1116 not sure how to fix. Dealing with 5- 1099s reporting qualified dividend income from two foreign countries. I have two copies of form 1116, a copy for each country. I linked the 1099 to the appropriate copy for the country.

Am I doing this right? The numbers flowing on the Firm 1116 are not correct.

Need some guidance. Thanks.

SusanY1

Level 15

Can you clarify for us which numbers are not flowing properly? The income, the tax, or both? Also, are they going to the wrong places or are the numbers themselves different from what you expect?

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Mike9241

Level 15

with qualified dividends a special adjustment may be required because of the special lower tax rate that can be applied to all qualified dividends - foreign and domestic. This is covered in the 1116 instructions on page 9

https://www.irs.gov/pub/irs-pdf/i1116.pdf

there was no need to put each country on a separate page because all the numbers are combined when calculating the allowable FTC.

the first 1099 could go on the first 1116 linked to column A

then the second link to column b

and so on

the fourth to the second 1116 column A and so on for the 5th

separate 1116s have to be used when there are different categories but dividends are of the passive category.