Form is for the foreign tax credits, but because the credit is all from 1099-INT income, I don't need that form. I also tried just not claiming it (since it was $2), but Turbotax detected it automatically and I can't figure out how to override it.
TurboTax Deluxe is the lowest version of the program that includes Form 1116. If you are going to claim the foreign tax credit for the taxes that were paid, then you will be required to upgrade.
To avoid that upgrade requirement, you can leave the foreign taxes paid blank on your Form 1099-INT entries and choose to not claim the credit even though it is to your benefit with regard to your tax return (fees not being considered).
TurboTax Deluxe is the lowest version of the program that includes Form 1116. If you are going to claim the foreign tax credit for the taxes that were paid, then you will be required to upgrade.
To avoid that upgrade requirement, you can leave the foreign taxes paid blank on your Form 1099-INT entries and choose to not claim the credit even though it is to your benefit with regard to your tax return (fees not being considered).
I am using TT Premier and can't find form 1116. Program says it's not ready, but the online table shows it is available. Have not received update notification. What do I do now?
To clarify, are you using Turbo Tax online or the software/desktop version?
1) Can the Deluxe also handle the Form 1116 Schedule B?
2) And can the Deluxe import the 1099-DIV from Vanguard to handle the 1116, as well as the related Schedule B?
3) And can the Deluxe handle Form 8995?
The answers to the first two questions are correct. The answer to the third question is that it depends on the type of income the 8995 is being generated from. If from a K1, you will need a Turbo Tax Premier or higher.
I just need the 8995 because of Qualified REIT (Real Estate Investment Trust) Dividends that I got on a 1099-DIV from Vanguard Brokerage from a mutual fund or ETF that I have in an account.
If you need a 8995 based from a 1099 DIV, you can remain in Turbo Tax Deluxe based on information that is recorded in Box 5 of the 1099 DIV.