Form 1116: Unusual Situation "- Foreign taxes paid in foreign currency and you converted the amounts to U.S. dollars"

[Sanji]

Do I need a physical copy of TurboTax to take care of this situation?

Thanks

[KarenJ2]

If you are referring to Part II of Form 1116, input for foreign currency for taxes, you do not need to complete this part of the Form 1116.  You only need to input the amounts in USD.

If you want to enter this information, you can complete it in the CD/Download version.  

[Sanji]

Thank you @KarenJ2. Appreciate your input.

Thanks again

[rtmol1]

Hello, 

I have the same issue. I realize you do not need to enter the foreign currency amount, but the issue is IF 'you converted them to dollar amounts' (which I did based on IRS 2020 currency conversion table) as my employer statements are in Euro. I did not notice this 'unusual situation' instruction before attempting to e-file after turbotax said everything looked good. I then got a rejection and was asked to correct the foreign tax section. I can only assume this is the problem? I can't imagine this is such an unusual case for form 1116. Is there any work around to this?

Thank you! 

[DaveF1006]

it depends. What did the IRS ask you you to correct?

[resik]

- Foreign taxes paid in foreign currency and you converted the amounts to U.S. dollars

If any of these situations apply to you, you cannot use TurboTax Online to prepare your return.

It appears based on the search/responses, TurboTax Online version is a problem. However Desktop version is fine. 

Can someone throw the light on why there is a difference between the 2 versions and is there a plan to fix it in Online version?

Thanks

[DaveF1006]

I cannot comment why there is a difference between online and the software version. Just report the amount for foreign taxes paid in US dollars if you have that information regardless of what version of Turbo Tax you are using.

@resik