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gibby2424
New Member

Trying to correct amount I entered for Foreign Source Income (not Foreign Tax Paid)

I imported my taxes from Vanguard without Problems. My 1099-DIV had the Foreign Taxes Paid in box 7 (about $700).  No problem.  I'm Married filing Joint by the way.  TT later asked about the amount of Foreign Source Income.  By mistake I entered the same number as Foreign Taxes Paid.  I realized I should have used the percentages Vanguard included in their Supplemental Information to calculate the proper amount.  But I can't figure out how to get back to the correct section in TT  to put in the right amount, which is a lot higher than the amount Paid..  I've seen responses to similar questions, but I still can't get there.  Any suggestions?  Thanks !

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1 Reply
AmyC
Employee Tax Expert

Trying to correct amount I entered for Foreign Source Income (not Foreign Tax Paid)

You do need to correct the form 1116 with the box 1a dividends times the correct percentage. Follow these steps:

  1. Open your return to federal income section
  2. Locate the 1099-DIV that needs to be corrected.
  3. Edit the form 
  4. Continue through the entries reviewing your answers until you see the more uncommon questions, like wash sale or sec 199a dividends
  5. Tell us a little more about your foreign dividends or similar foreign phrasing (depending on the program), this should allow you to enter the correct amount of income.
  6. Switch over to deductions and credits
  7. Scroll down to Estimates and Other Taxes Paid
  8. Locate Foreign tax paid 
  9. Review it, making sure the entries are correct.
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