This is just 5 company stock dividends from 5 countries. Where does the total of all 5 come together?
I have tried both ways trying to get my foreign taxes to either an itemized deduction or a direct tax credit (1116). Neither gives me credits. In 1 place I see a total that is only 2 out of the 5 countries in a number but that $ amt doesn’t make it to line 8.
On the Info Wkst, Part 6, Foreign Taxes box. I’ve ck’d & unck’d the box & no change?
Tax & Int Wsht Li 4 is blank
In 1 of these responses it suggested entering the highest paid taxes 1st , so I deleted everything & started over. It didn’t make any difference.
Should I give up & enter it on 1040 line 6, if it will let me override it?
You'll need to sign in or create an account to connect with an expert.
Even though a country did not withhold taxes, we include it's income because that will increase the foreign tax credit limit and reduce carryovers. You have 9 countries. That will call for 3 f1116's. In order to keep it as simple as possible, you won't use the 2 actual 1099's. So delete the foreign tax paid in box 7 on both of them.
You will create 9 fictitious 1099's. Each will represent one country and one column on a f1116. The name of each 1099 will be the country it represents. In box 1a, insert a zero. In box 7, insert the foreign tax withheld. If the country did not withhold any tax, then insert $1.00 into box 7. This is tempy and will be deleted later.
Set them up in the following order. The 1st 3 have actual amounts in box 7.The 2nd three, 1 will have the actual payment in box 7, the other 2 have only $1.00 each. The 3rd set will also have 1 actual amount in box 7, the other 2 $1.00. This arrangement will get the 1st f1116 with the greatest tax paid and the other 2 behind it will have only 1 actual tax paid.
Once you have it all setup, to insure a clean start, delete all f1116's. Then run them thru as per the technique. After you are completely done, bring the f1116 wks. and override the $1.00 with a zero.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
sredwine88
New Member
jcutter23
New Member
jwohl87
New Member
MarkFL
Returning Member
licon131
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.