`
cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Returning Member

Return shows an error which I cannot waive

My return shows an error in form 1099-Div for one of my brokerage accounts. From this account, I have paid foreign taxes to various countries. Turbo-Tax doesn't handle "Various" well - it insists a specific column (corresponding to country in form 1116) be checked (line 6c). If I check a column (A for example), then it doesn't accept Various in line 7. If I leave the column (line 6c) unchecked, then an error exists for line 6c. This is a conundrum - I ignore this error and manually enter figures into the form 1116 worksheet. Not difficult and results are accurate.

However, T-Tax is not satisfied. It sees this error and prevents me from E-filing. I cannot override this error, which is really a minor bug. My option is to mail in forms, BUT I have already paid the $25 fee for state filing. Is it possible to waive this error? Is it possible to E-file??

3 Replies
Highlighted
Level 15

Return shows an error which I cannot waive

if foreign taxes are less than $300 filing Single or MFS or $600 MFJ form 1116 is not required.  


if so, here's how to fill out the 1099- div FTC section

enter amount of FTC

link to a copy of form 1116 (even though it may not be required)

select column A 


,

Highlighted
Level 15

Return shows an error which I cannot waive

if foreign taxes are less than $300 filing Single or MFS or $600 MFJ form 1116 is not required.  (even if this is met, you could still have a FTC carryover  which if you want to use next year,  will require filing the form)


if no 1116 is required, here's how to fill out the 1099- div FTC section

enter amount of FTC

link to a copy of form 1116 (even though it may not be required)

select column A 

complete 6d

box 7 select various  (it works for me) - do not type in use drop down box

that's it 

there will be a form 1116 but if you look at the very bottom line 30 - it will say do not file form  (unless carryover is present)

and if you look on the FTC line on the 1040 form, you should see the full amount of the credit (if not, then you taxes b/4 the FTC is less than the FTC and you have a carryover) . to repeat,  your choices are either not to file form 1116 in which case you'll get no carryover, or go through the process of actually having to complete the form and include it in filing 

i'm using the same version as you are - mine is on my computer not online 


if you exceed the thresholds or have a FTC carryover, post back for instructions on completing full 1116



,

Highlighted
Returning Member

Return shows an error which I cannot waive

I paid >$2,500 in foreign taxes, so I am submitting form 1116. I have multiple 1099-DIV corresponding to different brokers and individual stocks. One account holds a Canadian stock that paid dividends and taxes paid for those dividends. Another account holds stocks from Canada, Denmark, and RIC (mutual fund) that also paid dividends. For this 1099-DIV, I've checked column A (line 6c) which corresponds with Canada in form 1116. I've also selected Various (line 7). This generates an error, "Box 7 does not match the country name on the selected Form 1116".
In the form 1116 Wks, I've setup column A = Canada, column B = Denmark, and column C = RIC. Using supporting details, I've listed individual taxes paid for Canadian dividends. I also obtain an error for line 1h, column A, "Qual Div and LT Cap Gains should have a value of at least --- based on 1099-DIV worksheet linked to this country.

It appears that T-tax expects columns A, B, C to correspond with brokers (1099-DIV) but I interpret columns to correspond by country instead. It really doesn't matter, so yes I could change this around to suit T-tax and shouldn't change the final amount. I could also submit taxes as-is because I think either way is valid. However, this highlights a BUG in T-tax software in that I was able to pay $30 for efile in my state, BUT then T-tax wouldn't efile until this error was resolved. The software should not take money for efiling until return is ready to file. Yes, I ran final checks and ignored the errors, but did not realize that filing is not allowed with errors. Prior years software allowed waiving errors, but that feature has been dropped. I now must choose between redoing the tax forms or post-mail the return and ask for my $30 back from T-tax.